GBPUSD : Two scenarios for next week (trendline bounce or break)
Hey everyone !
Based on the datas, we're actually at a key level.
The first scenario would be that it bounce on this trendline and keep rallying, as stochastic is oversold and this was always a great opportunity to buy the dips. Hence it could engulf all the bearish momentum of last friday and find a target above the last higher high
or in the second scenario which is bearish, price would break this trendline. Therefore indicating a clear trend reversal using the double top pattern, offering a nice bearish setup with target at 1.22000
I have no preference for one or another scenario, i just trade what i see. therefore during market open ill consider the bullish scenario. but if during the next hours it end up breaking the trendline, i would change my mind and opt for the plan B. I consider this is an optimal place to hedge, since both plans have a high Risk:Reward ratio. or being attentive to price action around this level
Tell me your toughts in the comments. And dont forget to press the Like button if you think this idea was helpful !
Best wishes for a great week ahead.
Based on the datas, we're actually at a key level.
The first scenario would be that it bounce on this trendline and keep rallying, as stochastic is oversold and this was always a great opportunity to buy the dips. Hence it could engulf all the bearish momentum of last friday and find a target above the last higher high
or in the second scenario which is bearish, price would break this trendline. Therefore indicating a clear trend reversal using the double top pattern, offering a nice bearish setup with target at 1.22000
I have no preference for one or another scenario, i just trade what i see. therefore during market open ill consider the bullish scenario. but if during the next hours it end up breaking the trendline, i would change my mind and opt for the plan B. I consider this is an optimal place to hedge, since both plans have a high Risk:Reward ratio. or being attentive to price action around this level
Tell me your toughts in the comments. And dont forget to press the Like button if you think this idea was helpful !
Best wishes for a great week ahead.
Trade active:
plan A
Trade active:
Plan B
Trade closed: stop reached