hello traders ,
this is short term chart setup which is also counter trend to daily chart so bit risky ,
we have 2 possible places where we can enter sell , and to buy we will wait if price makes new highs ,
More details on chart , you can automatically trade these trendlines ...
1. In 1st setup software will open trade when price will...
Price is retesting previous lows , from where we can expect potential bounce , in any case price is trading in downtrend , but a long trade with stop below current lows can provide risky but good opportunity with nice RR
follow us for more.
Sell if price manages to break and close below horizontal trendline support .
there is also potential of price moving higher , but for that we need to wait for confirmation and we will cover that in new idea..
GBPUSD is moving higher with support of ascending trendline , and is approaching potential resistance level ,
watch for rejection and potential sell opportunity near 1.30 level , In case price moves higher we will look for Long setup in next idea ..
for now we look for sell opportunity only.
Price is moving sideways in minor uptrend ,
As price approaches resistance we can either look to buy on break above resistance , or in case of rejection look for sell towards bottom of range near trendline support.
Trade the trendlines ,
Please check our chart to see technical picture as per our analysis , there are multiple opportunities in GBPUSD short term ,
range trading is suggested within patterns with more importance on bearish setup, sell on opportunities of breakout or rejection from trendlines,
Follow us for more trendline analysis.
as per our last analysis price moved lower and tested ascending channel pattern bottom line,
now at current levels we have two possibilites , long at current level with stop below channel bottom , or in case of breakout sell with stop inside channel.
Follow us for more.
Price may move higher from current support , look for potential long opportunity on bounce, whereas in case price breaks below lower we may see short continuation towards next support and then look for buy near next support.