Hi PlutusX Family,
Here we have the GBPUSD price action breaking through a descending resistance trend line. As a result, we experienced a bullish move. Now price action is nearing resistance at the 1.31825 level.
My argument for sidewards action and significance is as follows:
Stoch RSI is still showing a good buy by respecting support and red crossing under blue.
Potential Trade Set Ups
Please like this post if you found it useful. Be sure to ask for our trading script! Where do you think price is going? Send me your comments and charts below.
Here we have the GBPUSD price action breaking through a descending resistance trend line. As a result, we experienced a bullish move. Now price action is nearing resistance at the 1.31825 level.
My argument for sidewards action and significance is as follows:
- 1. The level was previous daily pivot point (close/open)
- 2. The level is a 88.3% fib zone (minor leg)
- 3. The level is a 50% fib zone (major leg)
Stoch RSI is still showing a good buy by respecting support and red crossing under blue.
Potential Trade Set Ups
- BULLISH: Break past the 1.31825 level and wait for a retest (1H - 2H) before making a purchase. 1st T/P zone would be 1.32960.
- BEARISH: Meet the 1.31825 level with significant resistance and fall back to the 1.30414.
- VERY BEARISH (Unlikely): Break past the 1.30414 level to 1.2921.
Please like this post if you found it useful. Be sure to ask for our trading script! Where do you think price is going? Send me your comments and charts below.
Trade closed manually:
I closed the trade manually so that I could get into other ones. I walked away with 56 Pips, I left ~50 pips on the table. Some profit is better than no profit. A greedy trader is a losing trader!