From last idea, took profit of ST SHORT (while looking for LONG candle formation around 170.4 or 169.75). Price is approaching H/L line (Red dashed). Went LONG for the following reasons:
1) Bounce off of 400MA on 1H, which is 200MA on 2H and 100MA on 4H.
2) Bounce off of 38.2% Fib of last rise.
3) Bounce off of seeming LT price level (lower dotted Blue line)
4) Near bounce off of LT Bullish Trend (lower dotted Yellow line and lowest Orange line).
Passing that Red dashed would give this idea some 'umph'. Aiming for initial 172 and beyond. Perhaps add to position off of bounce dashed Red line. Already placed TP STOP just above entry.
1) GBP trade balance PST tonight
2) USD FOMC tomorrow morning
1) Bounce off of 400MA on 1H, which is 200MA on 2H and 100MA on 4H.
2) Bounce off of 38.2% Fib of last rise.
3) Bounce off of seeming LT price level (lower dotted Blue line)
4) Near bounce off of LT Bullish Trend (lower dotted Yellow line and lowest Orange line).
Passing that Red dashed would give this idea some 'umph'. Aiming for initial 172 and beyond. Perhaps add to position off of bounce dashed Red line. Already placed TP STOP just above entry.
1) GBP trade balance PST tonight
2) USD FOMC tomorrow morning