Then the price of GBPUSD currency pair retest resistance(Where it broke out to the downside) four times and it was bounce back.The fifth test will be a break out to the upside and target is the indicated area on the chart.
My principle when looking for possible breakouts at resistance levels is that I would like to see the price retest the resistance at least four times in order to confirm that a break out is coming soon. The fifth test will be a real breakout. In order to catch the breakouts on time, then you should use buy stop.
On the weekly chart, the price has formed a bullish signal with a confirmation(a bullish candle just close above the bullish set up as indicated on the chart. When you go back to H4 Time Frame, we also have a bullish set up and this is where you should enter the market and use risk management properly.
If this my ideas do help you in your trading, let me know on the comment section. Kindly like, comment and share. Thanks.
Please do your own analysis before using my ideas!
My principle when looking for possible breakouts at resistance levels is that I would like to see the price retest the resistance at least four times in order to confirm that a break out is coming soon. The fifth test will be a real breakout. In order to catch the breakouts on time, then you should use buy stop.
On the weekly chart, the price has formed a bullish signal with a confirmation(a bullish candle just close above the bullish set up as indicated on the chart. When you go back to H4 Time Frame, we also have a bullish set up and this is where you should enter the market and use risk management properly.
If this my ideas do help you in your trading, let me know on the comment section. Kindly like, comment and share. Thanks.
Please do your own analysis before using my ideas!
Trade closed: target reached