turning out to be a not so good European session for me.
After the first 20-pip profit profit…i have had my two stops blown away in GBP/USD trade.
But I entered a long GU trade again. Trade: Long GU 1.3947 Target 1.3973-1.3990 will place just 20 pip stop.
My rationale for buying on dips is
- Its oversold on 4-hour chart
- And it currently sits above 1.3924, which is a key fibo expansion levels.
Unless it breaks below 1.3924, I would try to go long on dips.
Here is the 15-min chart