GBP vs USD Finding Fractal Support

11 giu 2015

Looking at the GBP vs USD on the H4 time frame we see immediately that price is above the Kumo Cloud therefore our bias is bullish. With that in mind we are looking for the market to continue the move higher. The W%R is showing strong momentum to the upside above the -20 level. Price has broken a bullish fractal resistance level at 1.54373 and has now retraced back to that level. Fractals show the structure of the market and as the market is breaking bullish fractals then we want to follow the structure. These fractal levels are strong support and resistance levels also. I am looking for price to violate the previous high of the doji indecision candle and follow the market structure for a long opportunity. My entry is at 1.55210 and SL at 1.54208 and take profit at 1.56742.
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