GBPUSD has seen a bearish trend and prices has retraced back to a resistance area drawn on my daily chart. From the blue arrows, you can see prices respecting this area multiple times. Yesterday, prices formed an indecisive candle and i am looking to go short on this trade. However, the candle is too large and my risk to reward ratio is not attractive. I will need a larger target, which will require more time and thus, increasing my risk. Looking into smaller time frames for better opportunities, with a better risk to reward ratio. Patience is virtue.
Edward
Order cancelled:
GBPUSD: Yesterday's candle has closed bullish and above the resistance area on my chart, breaking the resistance area easily. Price seems to want to move higher from here. Pending trade cancelled. Will stay on the sides for now and monitor what prices want to do from here.
Edward
Edward