GBOSEK has recently bounced on a weekly support,
Market started a retracement move from the daily discending channel in a higher high higher low.
Price broke the discending channel and currently breaking the daily resistance.
Accroding to Plancton's Strategy we can set a nice long order
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Follow the Shrimp 🦐
Here is the Plancton0618 technical analysis, please...
As is could be seen, after the break out of the falling channel, the price has lived healthy above the channel. Therefore, a potential rise to the previous support turning to resistance is probable.
Definitely it is time to look for upside. There is very nice setup on 1/4h but also as always there is some possibility for one more down to form a double bottom . On the other hand it looks like the move to the upside has already started and it could be huge. Therefore I define a position size which I will still feel comfortable to trade without stop loss and...
Montly formed a wick wich should be filled in.
Weekly impuls followed by retracement and started the new impul.
Daily impuls, retracement, new impuls.
4h counter trendline broke to the downside AND retested.
GBPSEK is trending hard to the downside, however as per the chart, price is approaching a very strong weekly Support line.
While I accept this is a low probability trade (likely get stopped out as im not willing to sustain massive losses), the Risk/Reward ratio is significant enough to warrant a little speculation.
The ideal set up is;
Entry; 11.32650
SL;...
