sdodson94

USDGBP support and resistance triangle w/ fibs!

FX_IDC:USDGBP   U.S. Dollar / Pound Sterling
Currently waiting for price to make a drastic shift in the trend. At the moment USDGBP is an overall sell. With my S/R line I was able to mark the most recent highs and lows. I will then have an over view look of the market. Noticing price beginning to consolidate we can mark up a trend line and then mark up the triangle. Keep in mind that in order for a trend line to be S/R, price will have had to touch these lines at least twice. Then pulling out our handy dandy fib retracement tool we can really begin to view the market how we want as one big movement. As the trend develops these lines and mark ups will allow us to follow the price of the market much easier and closer. When pullbacks and retests have been established we can go in and begin placing pending orders where we know the market will hit. This "game" is all about entry and taking profit. I like to set up pending orders with an entry point and a take profit rather than enter in on a market execution and wait and watch the market myself. I like knowing WHERE to get in and WHERE to get out opposed to "when". I will continue to follow this pattern with my support and resistance. If you would like to study my strategy follow me on trading view and or connect with me on facebook! :)
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.