Edit 11:10 Stop Losses moved at 1,58120
GBP/USD short. Situation on H1:
Price just reach marked level. There is signal on slower DT. So we are going to 5min chart
There is signal on slower DT - so i opened position. 2xshorts. 1.58194. SL 1.58310. SL = 12pips.
Now take a look on targets:
Short term position target is from whole AC correction. 1,5751 - is 61,8 fibo and 38,2 fibo from 1-5 last down move. Thats the level from which i will defend short term position just over last 5min bar.
Long term position potential is much, much bigger. I will begin with max target = 100% of last 1-5 wave. 1,5625 - but i dont think that move will be that smooth that my position will last so long.
Another targets are just fibo levels of 1-5wave.
1.57049 is 61.8 of 1-5move and 127,2 of AC wave.
1,5671 is 78,6 of 1-5move and 161,8 of AC wave and those 2 are more probable.