Greetings,
An interesting picture is emerging on the British pound.
General picture.
The instrument is in the consolidation for 6 years, at the moment the price is at its lower boundary. The more times it tests it, the weaker is this support. But since we look at the currency, this process can take months. Nevertheless, if the price leaves the area of 1.20-1.21 and consolidates under it, it might be a good short-set to the area of
1,13-1,14.
Local picture.
On a smaller TF the same consolidation is formed on a smaller scale. Trade inside the consolidation from the boundaries with the targets of the middle of the channel. With the entry point not when approaching the boundary, but when it bounces off the boundary at support/resistance confirmation. This method of trading is suitable for experienced traders, I would recommend beginners to trade out of the long/short consolidation. This trading situation, I will also trade and in its implementation I will try to make an update.
Stay tuned.
If you liked this stuff then please like and subscribe, so you won't miss anything.
Always use STOP, and do not use a leverage higher than x3.
A trader must always have tomorrow.
An interesting picture is emerging on the British pound.
General picture.
The instrument is in the consolidation for 6 years, at the moment the price is at its lower boundary. The more times it tests it, the weaker is this support. But since we look at the currency, this process can take months. Nevertheless, if the price leaves the area of 1.20-1.21 and consolidates under it, it might be a good short-set to the area of
1,13-1,14.
Local picture.
On a smaller TF the same consolidation is formed on a smaller scale. Trade inside the consolidation from the boundaries with the targets of the middle of the channel. With the entry point not when approaching the boundary, but when it bounces off the boundary at support/resistance confirmation. This method of trading is suitable for experienced traders, I would recommend beginners to trade out of the long/short consolidation. This trading situation, I will also trade and in its implementation I will try to make an update.
Stay tuned.
If you liked this stuff then please like and subscribe, so you won't miss anything.
Always use STOP, and do not use a leverage higher than x3.
A trader must always have tomorrow.
