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Bah.. I was trying to get this post in for the last hour.
Anyway, I can't seem to post charts so I this post will be quite dull.
Basically, I am short on GBPUSD from 1.1670 on the rejection of the 61.8% line (hourly chart).
Looking to the daily you will see a Bearish stochastic as well as the hourly bearish stochastic signal.
All this line-up in three things:
1. Stochastics are bearish
2. Price retracement of 61.8%
3. Time retracement of 50-61.8% (closer to 61.8%).
Historically, this set-up is a 85% profitable trade. Target is taking out the 1.6035 low.
Trust everyone is buying the USD strength today. Cheers all and trade safely! I'll get a chart up when I am "allowed" to do so. Sorry, it took me so long to get this post out.
