GBPUSD | 2 Longs & 1 Short | Empires rise and fall
General
GBPUSD in an interesting spot. Its under the bottom of the current minor range which is in confluence with the weekly open and its at the 50% of a monthly range.
I marked out 3 trades i would take either or all. Be aware that i usually use LTF (such as the 1 hour chart to plan my entries). Meaning the SLs and RR are not completly as shown.
1. Long (Blue arrow)
Prices moves reclaims the bottom of the minor range and finds support atleast at the weekly open. Entry around the entry.
Target: A bit under the 50% of the range
SL: Depending on the LTF entry i wouldnt want to see it loosing the weekly open or the 50% of the monthly range.
Time duration: Days, weeks, months, years... ;)
2. Long (Orange arrow)
Price reclaims monthly open and the 50% of the minor range. Enter around retest.
Target: Level 3. Nice confluence with the start of the recent downtrend + a big resistance area
SL: Loss of the 50% level and break under monthly open
Time duration: Days, weeks, months, years... ;)
1. Short (Green arrow)
Price falls under level 1 and level 2. Preferable a reclaim of the weekly open / 50% major range / bottom minor range happened before breaking down again. (see smaller green arrow).
Target: The next big support level
SL: A bit above level 1
Time duration: Days, weeks, months, years... ;)
Good luck
GBPUSD in an interesting spot. Its under the bottom of the current minor range which is in confluence with the weekly open and its at the 50% of a monthly range.
I marked out 3 trades i would take either or all. Be aware that i usually use LTF (such as the 1 hour chart to plan my entries). Meaning the SLs and RR are not completly as shown.
1. Long (Blue arrow)
Prices moves reclaims the bottom of the minor range and finds support atleast at the weekly open. Entry around the entry.
Target: A bit under the 50% of the range
SL: Depending on the LTF entry i wouldnt want to see it loosing the weekly open or the 50% of the monthly range.
Time duration: Days, weeks, months, years... ;)
2. Long (Orange arrow)
Price reclaims monthly open and the 50% of the minor range. Enter around retest.
Target: Level 3. Nice confluence with the start of the recent downtrend + a big resistance area
SL: Loss of the 50% level and break under monthly open
Time duration: Days, weeks, months, years... ;)
1. Short (Green arrow)
Price falls under level 1 and level 2. Preferable a reclaim of the weekly open / 50% major range / bottom minor range happened before breaking down again. (see smaller green arrow).
Target: The next big support level
SL: A bit above level 1
Time duration: Days, weeks, months, years... ;)
Good luck
Comment:
Looks like green arrow 1 would have worked - sadly missed my entry
Comment:
Really a bummer that i missed my entry. Target was hit - price fell under it and its currently causing some resistance. If price should retake the level i prob. will start looking for long entries.