Some potential
GBPUSD
trades to jump on after price action verification.
Market is in a downtrend on the 4H but showing some bullish action. We're getting repeated hits at the current resistance level so I'm expecting some pressure to be released on the upwards to the thin pink line and then possibly to top blue resistance level for a test (more likely a fake breakout). If not, then we'll see a break of the current ascending wedge down to the thin pink line, and then a retest to the thick red support level in accordance with my previous price action analysis.
At this time, I'm looking for decent sell trades and the larger P/L trade signifies such entry. If price continues to go up and hit SL, then I'll re-enter the sell trade at the top of the blue resistance and hold it to the thick red support level for a greater Risk/Reward ratio and adjusted trade size to account for the loss.
Additionally where price currently is coincides with the .5 Fib level exactly which gives us greater sell confirmation bias. And the top blue resistance line is the .618 Fib level for Stop-Loss setting.
Have a good weekend!
Disclaimer: These trade ideas should not be relied upon as a substitute for extensive independent market research before making an actual trading decision. Trading carries inherent risks and a prudent individual will use such information responsibly.
GBPUSD
trades to jump on after price action verification. Market is in a downtrend on the 4H but showing some bullish action. We're getting repeated hits at the current resistance level so I'm expecting some pressure to be released on the upwards to the thin pink line and then possibly to top blue resistance level for a test (more likely a fake breakout). If not, then we'll see a break of the current ascending wedge down to the thin pink line, and then a retest to the thick red support level in accordance with my previous price action analysis.
At this time, I'm looking for decent sell trades and the larger P/L trade signifies such entry. If price continues to go up and hit SL, then I'll re-enter the sell trade at the top of the blue resistance and hold it to the thick red support level for a greater Risk/Reward ratio and adjusted trade size to account for the loss.
Additionally where price currently is coincides with the .5 Fib level exactly which gives us greater sell confirmation bias. And the top blue resistance line is the .618 Fib level for Stop-Loss setting.
Have a good weekend!
Disclaimer: These trade ideas should not be relied upon as a substitute for extensive independent market research before making an actual trading decision. Trading carries inherent risks and a prudent individual will use such information responsibly.