GBP/USD 5min setups

...2nd trade today, EU long on momentum break targeting the RN which is also around a 138.2 fib extension from the 5min chart.

Edit: all out for +13.5

Depending on how the current 15min period shapes up at 16:45 close, i'm likely to be short GU...will edit later.

Hi CC

Nice to see you post again.

I've noticed you use 138.2 extention. I've heard about it, but somehow never tested it.

What about 138.2? Is the success rate simillar for EU and GU to 1618 ext?

Hi Bedsit, over the years I have personally found the 138.2 a more reliable target area than the 161.8 (sorry no stats as such). High confluence zones generally take precedence though, so if the 161.8 is nestling amongst a round/psych number, a higher TF fib level/ext or a pivot, i'll aim for that zone and use the 138.2 enroute as a scaleout level.

...short order now in at 6120...

Edit: filled and tgting the RN for now.

Edit: Took full loss (2%) on this one overnight.

Short on both from a while ago, current 5min snapshot...

Edit:...about to get stopped and reversed on GU, i think..
Edit: ...yup, long now on both and targeting this morning's swing highs.

GU stopped out and now reversed short tgting 45ish....still long EU.

EU now stopped out, reverse for shorts not quite setup yet.