GBPUSD has been on a bull trend since the start of November 2023.
Price has then retraced back to a very strong key level at 1.25
-Fib.618
-Daily Demand Zone
-Phycological level
-Previous resistance turned support
The bullish structure of price is still intact , and the support level of 1.25 is holding price very well
-Long wicks down & closed abv the previous lows
Trading Plan
- Wait for price to displace Strongly upwards, & close above the 1.261 level, signalling the short term downtrend is over
-Zoom down to the lower TF for entry (15M/30M/1Hour). Wait for the price to displace & retrace. Can enter off Fib levels / order blocks created by the displacement.
-Stop Loss below 1.245 ( Previous Structure higher low)
Cut Loss if Daily candle closure below it
-Alternate stoploss can be below 1.25 (Riskier)
Price has then retraced back to a very strong key level at 1.25
-Fib.618
-Daily Demand Zone
-Phycological level
-Previous resistance turned support
The bullish structure of price is still intact , and the support level of 1.25 is holding price very well
-Long wicks down & closed abv the previous lows
Trading Plan
- Wait for price to displace Strongly upwards, & close above the 1.261 level, signalling the short term downtrend is over
-Zoom down to the lower TF for entry (15M/30M/1Hour). Wait for the price to displace & retrace. Can enter off Fib levels / order blocks created by the displacement.
-Stop Loss below 1.245 ( Previous Structure higher low)
Cut Loss if Daily candle closure below it
-Alternate stoploss can be below 1.25 (Riskier)