Going with the idea of selling GBPUSD:
I can see a range of support at 1.23000 which has been broken.
My entry point would be 1.225 with TP at 1.2000
Analysis based off 4 hour chart -
Currently trading just above 50 EMA; awaiting confirmation candle to break the 50EMA which would support my entry.
Stochastic supports sell, awaiting confirmation of bear pull below 80.00
Similar bear trend from 12 06 22 to 14 06 22 supports my theory.
Time to put it to the test on my demo account.
What are your thoughts?
I can see a range of support at 1.23000 which has been broken.
My entry point would be 1.225 with TP at 1.2000
Analysis based off 4 hour chart -
Currently trading just above 50 EMA; awaiting confirmation candle to break the 50EMA which would support my entry.
Stochastic supports sell, awaiting confirmation of bear pull below 80.00
Similar bear trend from 12 06 22 to 14 06 22 supports my theory.
Time to put it to the test on my demo account.
What are your thoughts?
Trade closed: target reached:
Took longer than expected but TP hit
SL moved to break even ...
Since 17 June 2022 we have seen 3 x support structure at 1.22218 - I want to see this zone broken on the downtrend to be fully comfortable with this trade.
If this was a trade using an actual account and not a demo one, personally I would have closed the trade at 1.21841 as my daily target would have been reached.
Still will be watching this to see if my analysis was accurate or not ...
In addition; I saw the bearish trend forming for a quick scalp and jumped into the following trade(s):
Entry - 1.22967, Closed trade in profit at 1.22500 at lot size 1.51
Entry - 1.22787, Closed trade in profit at 1.22300 at lot size 1.51