GBP/USD: Corrective move up to an interesting level!

[OZER]

The market is still trending to the downside, actually in a corrective move and almost reached the 0.61% of Fibonacci retracement , just around an interesting key level.
Having a look at the 1h timeframe, it's possible to see a decrease of momentum although the price is still moving inside an ascending channel .

When, where and why would I step into the market?
Considering an overall downtrend and a possibility of a retracement to the downside, until the price will break the resistance to the upside, I will be looking for a short term sell position.
However, before entering the market, I will be waiting for the price the get a rejection on the resistance level , a breakout of the channel and only after that, I will be looking for a good entry point with a RRR of 1:2 or greater.
I would place my SL above the channel and the resistance level and I will trail it on every swing that the market will eventually make.
The final TP would be just around the local key level on the 4h chart.
A break out to the upside of the current resistance level , will invalidate this trade idea and no action will be taken on this market!

[sparticus5]

This is the best understanding I've gotten on candlesticks! Thank you for what you're doing!

[petrie]

 beats Ross & Tim Skye on education

[wilser]

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[EternalReaper]

excellent. on the right track

[Rascal5599]

Nice one

[Pilkerman]

 portuguese language ) so I will help you with all my heart.Suscribed !   If you want spread your knowledge in LatinAmerica ( spanish

[yrag]

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[agua]

Hi ! Thank you so much for your tips and I just love your s! I have a question and I hope you can help me with that. Recently I listened to an episode of Covel's Trend Following Radio (heard the episode which featured you too), and he mentioned briefly that as a trend persists, it gets increasingly harder to profit from it, because many traders would have noticed it as well. What do you think of it? And if so, how long would a strong trend usually last (sorry if this is a stupid question)?

[ALEXDOBR]

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[helgahelge]

Thanks for the s.  Im learning so much from you

[windracer99]

Plz provide it in Hindi language

[motorway]

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[Dreamare]

Not ma dumb ass laughing and enjoying the accent instead of understanding

[kinesiology]

I'm basically desperate to learn new ways to make my money work for me. I think trading can somehow satisfy my need. But, can trading pay for your bills actually?