GBPUSD at the top of a channel and in the demand zone (strong sell zone). Looking for price to reverse towards 1.3000 area.
1. Strong RSI Sell zone 2. Price in Demand Zone 3. Price in current channel finding resistance at 1.3250
Entry @ 1.3250 area TP @ 1.3000 area
Good luck and let me know if there are any questions.
Charles V CVFX Management Trading made Simple Oct: +30% growth
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Either enter at current price area with short stop loss of 1.3300 to 1.3350 or wait for a bear candle close under the channel on the daily for a conservative entry.
Hmm I guess your SL got triggered, seems its moving upward, yes?
cvfxwealth
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@kazey625, This would be a swing trade so it would take a few days to go back to the bottom of the channel. Price currently @ 1.3270. Safe SL is at 1.3300 but always remember risk management. I would not recommend opening large lots at one spot.
JamesBaylizz
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Curious what your SL is?
cvfxwealth
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@JamesBaylizz, 1.33 would be a conservative good stop loss.