In this trade idea what I am having a look at is Gbpusd sells for the following reasons.
1. Gbpusd is currently down trending which is creating good ideas for the sells.
2. A support was formed and broken below pulling back and testing it as the new resistance before continuing to the down side.
3. Gbpusd has created such a strong supply zone and has not managed to break above.
4. We are at a very strong level of support but have seen very strong bearish price action coming down.
What I would like to see if break below the current level of support drive away create a support point below the major level and once in pulls back and turns the major support in to the resistance we can then wait for price to continue to the downside and enter short trades with decent risk to rewards to trade to the next major level of support as profit targets.
1. Gbpusd is currently down trending which is creating good ideas for the sells.
2. A support was formed and broken below pulling back and testing it as the new resistance before continuing to the down side.
3. Gbpusd has created such a strong supply zone and has not managed to break above.
4. We are at a very strong level of support but have seen very strong bearish price action coming down.
What I would like to see if break below the current level of support drive away create a support point below the major level and once in pulls back and turns the major support in to the resistance we can then wait for price to continue to the downside and enter short trades with decent risk to rewards to trade to the next major level of support as profit targets.