KaKeungChoi

GBPUSD-Bearish but almost reach correction support zone

FX_IDC:GBPUSD   British Pound / U.S. Dollar
279 views
3
GBPUSD-Bearish but almost reach correction support zone

This pair is still weak, as long as price is running below the 50 days SMA , I won't enter a reverse long trade, if one has a sell trade going with this pair, should keep it going until price climb above the 50 day SMA with a closing day candle to confirm a strong rebound, otherwise, one should sell this trade when it completed every correction and touch the resist zone. and may be capture a nice rebound trade whenever it touches the resist levels or support zones below.

Trading the S/R Zones

Trading Rules:
All S/R Zones has power to reverse the trade, but once broken with a closing candle Support zone will become Resist zone, and Resist zone will become Support zone .
Only trade when levels in zones are touch for the first time with a 1 hour engulfing candle to confirm the reverse.
Do Not chase price, let the price come to the S/R zones before entries.
S/R levels between zones can be use as Take Profit or stop lost location.