GBP/USD Smart Money Trend Reversal Setup – April 5th 2012
Coming into the NY session on the 5th it looked as though both the EUR/USD and USD/CHF had completed their 3 weekly push to the downside. What confirmed the timing of the reversal was the 3 cycles that formed intra- day as well. Essentially both pairs were finishing their 3rd weekly push, and completed their 3rd intra-day push. When this happens the probability of at least some bounce become very high
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The reason I took the GBP/USD instead of the EUR/USD or USD/CHF was because it showed a clear stop run reversal W bottoming formation. This live forex trade overview is longer than usual but I go into more detail of why this day trade was taken. I hope it helps!
What was really nice about this day was the fact that it offered the oppertunity to catch the third push down as Chad took in the EUR/USD, EUR/JPY Short Trade, and the reversal as we mention in the forex room on Thursday. I hope this video helps!
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