GBP/USD: Attention - Possible inner bar for Long

23.05.2016 / 10:47

Rating:

GBP/USD: 4H Graph - Short-term Long movement;

Higher peaks and higher bottoms;

Internal bar goes after series of negative bars, as the price has gone above the maximum Mam bar 1.4520

CCI (50) over

To confirm, RSI crossing above 0 or close to the current bar should be awaited;

CCI (14) has also crossed over -100, which is a short-term signal for possible Long momentum;

Risk position with a close stop, good ratio of risk / profit;

What can destroy the formation is the formation of "faiky setup"; that's why the stop is down near the support level;

Alternative scenario:

Eventually, if the price passes below 1.4480, it will destroy the inner bar and there will be a signal to Sell;

Stephen D. Angelov - Head of Stocks Trading

Varchev Traders

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GBP/USD: Attention - Possible inner bar for Long

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