GPB/USD is entering a key zone as you can see from the chart it is in an upward channel, approaching the bottom and currently in a ket S/R zone. I caught 156 pips on the move down and will be waiting to watch the price action before confirming whether this will be a long or short entry!
RSI is showing it is oversold so could line up well for potential long.
Im expecting price to potentially retreat back to the trendline before coming to the bottom of the channel, I will wait for either the bounce of the bottom of the channel to take a long position or the break and retest of the channel before entering my position.
BUY: If this does become a buy trade I will most likely be expecting price to rocket up to around 1.28 before exiting the trade. SELL: If this becomes a sell trade I will likely look to exit around 1.207
Let me know what you think and if any of you guys caught some pips on the way down!
I went long. Got in on the double bounce at the bottom 1hr chart. I hope you went long to iv got 100pips so far. Target 1.2580 area
Simple_FX_
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@Alex1289, Good to hear you banked some pips! I have not entered long yet I still feel price could drop lower again after it meets the descending trendline and later in the week a long position will present itself. However if we have found the bottom I will find an entry on the move up just will wait for the perfect time to strike!
Alex1289
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@Simple_FX_, iv left one position open with sl inprofit so not the end of the world if it bounces back. I'll leave this to run and see if I can add in if the opportunity presents its self
umairkhlil
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I Caught up in a bad trade and didn’t exit on time and now my buy trade is in loss. But I have also put sell trade to trade even. I caught 100 pips on the way down but I’m hopping your prediction is right so I can close my sell position soon and leave my buy open to get where I started. Good luck x
Simple_FX_
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@umairkhlil, Lets wait to see what the market does first then act accordingly! no one can predict the market 100% so move with the tide! Good Luck to you too