Possible sell for GBPUSD
Using my 3 rules of SMC I looks at the higher timeframe and I see a Clear down trend. So my bias is a sell.
Secondly I look at for areas of supply and demand and I see a supply zone which has already been tested so I looks out for points of re-entry.
To re-enter I check on the 4 hour tf and saw an order block which had broken structure, has momentum and volume and remained untested. I noticed this 4 hour order block was a wyckoff distribution in the 1 hour tf. The distribution remained incomplete as the last point of supply has not been tested(details will be provided in the comment section)
I moved into the 30 minutes tf and got my point of entry
Entry 1.37843
Stop loss 1.37966
Take profit 1.32725
Our risk is 12 pips
Our reward is 512 pips
Our risk reward is 1:46
We can allow the sell to ride unto the weekly low to enjoy maximum profit
Secondly I look at for areas of supply and demand and I see a supply zone which has already been tested so I looks out for points of re-entry.
To re-enter I check on the 4 hour tf and saw an order block which had broken structure, has momentum and volume and remained untested. I noticed this 4 hour order block was a wyckoff distribution in the 1 hour tf. The distribution remained incomplete as the last point of supply has not been tested(details will be provided in the comment section)
I moved into the 30 minutes tf and got my point of entry
Entry 1.37843
Stop loss 1.37966
Take profit 1.32725
Our risk is 12 pips
Our reward is 512 pips
Our risk reward is 1:46
We can allow the sell to ride unto the weekly low to enjoy maximum profit
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