GBPUSD - How to trade this bullish Shark pattern
Hi traders, I am watching pound closely next week.
At 1.2065, there is a potential buy off this bullish shark pattern.
These are the rules I will follow to take this trade.
1. Do not use a pending order! There was pound news over the weekend, if it gaps down you might get stopped out easily. Wait for price stabilization at the PRZ zone and enter when RSI leaves the OS zone preferably with a bullish divergence.
2. For shark patterns, there are 3 potential PRZ at 1.2065, 1.2035 and 1.2. You have equal chances of succeeding in all 3 zones provided you follow the entry strategy as described in #1. Be patient.
Assuming price turns off 1.2065, these will be my levels.
EP: 1.2065
SL: 1.1950 (115)
TP1: 1.2280 (215)
TP2: 1.2350 (285)
Good luck and good trading.
At 1.2065, there is a potential buy off this bullish shark pattern.
These are the rules I will follow to take this trade.
1. Do not use a pending order! There was pound news over the weekend, if it gaps down you might get stopped out easily. Wait for price stabilization at the PRZ zone and enter when RSI leaves the OS zone preferably with a bullish divergence.
2. For shark patterns, there are 3 potential PRZ at 1.2065, 1.2035 and 1.2. You have equal chances of succeeding in all 3 zones provided you follow the entry strategy as described in #1. Be patient.
Assuming price turns off 1.2065, these will be my levels.
EP: 1.2065
SL: 1.1950 (115)
TP1: 1.2280 (215)
TP2: 1.2350 (285)
Good luck and good trading.
Trade active:
Executed my long around 1.2030 after it bounced up from RSI oversold.
Just shifted my SL to my entry to make this a risk free trade.
Good luck guys!
Just shifted my SL to my entry to make this a risk free trade.
Good luck guys!
Trade closed: target reached:
All profit targets hit! +285 pips!
