Wait for the downward swing to buy | 12 August 2015

12 August 2015, GBP/USD

Daily chart: the downward swing wasn’t formed and bulls make an active counter-attack. We can see a strong resistance zone in front (1.5675-1.6700), formed by many previous peaks.

Wait for the downward swing to buy

Hourly chart: it is necessary full downward swing to grow. So to enter the buys we should wait for this swing and then buy to 1.57 when any price action signal is.

Wait for the downward swing to buy

Scenarios: when any growth wait for the pullback down to 1.5560 and then buy if the direction to 1.57 (extraday)

Trading solutions:

1) Wait for the buy after the downward swing ending. It is dangerous to buy without this swing.

Aleksey Panasenko
FreshForex Analyst
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