A good hunter knows its prey well. What are its habits, the likely path it will travel and instead of chasing after it, the hunter will set booby traps to catch it.
Trading , in a way shares the same analogy. If you want to make money out of GBPUSD in this case, you do not go after it now. Why? Because the price is reaching the resistance level at 1.26466. But, you say it is likely to go beyond that.
Maybe, that is what you can say but nobody can say for certainty until it had happened. Like I said before, what if you are wrong ? So, wait for it to pull back to 1.25 (1st level) or 1.233 (2nd level) before buying.
Or, it could continue where it is now and break above the resistance. But buy only after you see bullish confirmation and not upon immediate breakout. Why ? Again, the market can fool you one more time , right ? The past patterns already showed it to you that there is a possibility of it happening.
Once you know where your prey will backtrack (pullback) so to speak, you have an idea of your buying zone already. That way, you are reducing your risks by adhering to the
"buy low, sell high" rules.
Trading , in a way shares the same analogy. If you want to make money out of GBPUSD in this case, you do not go after it now. Why? Because the price is reaching the resistance level at 1.26466. But, you say it is likely to go beyond that.
Maybe, that is what you can say but nobody can say for certainty until it had happened. Like I said before, what if you are wrong ? So, wait for it to pull back to 1.25 (1st level) or 1.233 (2nd level) before buying.
Or, it could continue where it is now and break above the resistance. But buy only after you see bullish confirmation and not upon immediate breakout. Why ? Again, the market can fool you one more time , right ? The past patterns already showed it to you that there is a possibility of it happening.
Once you know where your prey will backtrack (pullback) so to speak, you have an idea of your buying zone already. That way, you are reducing your risks by adhering to the
"buy low, sell high" rules.
Comment:
it's coming guys.....watch out
Comment:
beautifully executed,hope you guys got in .
Comment:
let's see next week candles if it provides continuation pattern
Comment:
beautiful, it is now close above the resistance line.
Comment:
Praise Lord for its promises are always delivered.
