GBPUSD 12-06-2024
I frame the long term direction of 
GBPUSD because the price is trending above a tested area of support 1.16716 on a higher time frame analysis.
An untested resistance price level lies on 1.31250. If you want a zone around that level, you will have 1.315 - 1.3075
The dotted lines show half price points of the pair and it illustrates how market decisions are made at these price levels. Green for support, pink or red for resistance.
Price has been trending down for the past three weeks, from the high of 1.285 to a low of 1.2625 two weeks ago. From 1.2625 half price level, we see the price raided through to higher levels aiming for 1.3125, the next half price point or level.
High of the week on 11-03-2024 (week 11) was 1.2875 and low of the week on 22-04-2024 (week 17) was 1.235. If you took a selling position because you imagined some form of resistance at 1.2875, a bias that was confirmed on 12-06-2024 (week 24) because price trended below it. Actually the price came close to 1.285 and didn’t not come close to it.
One way to trade GBPUSD is to keep with the trend - the trend being the long term trend. And as Marty Zweig would say ‘the trend is your friend, until the end when it bends’.
But if you thought that GBPUSD should sell and you took a sell position using a 0.01 lot size at 1.285. Then you must hedge your trade by placing a 0.02 lot size with take profit at 1.31250
In other words, if you sold at 1.2875
Selling price: 1.2875
Take profit: 1.2625
Lot size: 0.01
Stop loss: 1.3125
Buying price: 1.2875
Take profit: 1.31250
Lot size: 0.02
This trading entry above is an adapted martingale strategy. Should you need a robot to do this for you, please let me know.
Otherwise if you follow the trend and you have been buying or you entered using the trend analysis below
Buying price: 1.2875
Take profit: 1.3125
Lot size: 0.01
Long term direction: Bullish
Weekly bias: Bullish
Feel free to continue this conversation by commenting, like, share and boost. For those who have followed me, thank you.
Disclaimer: Not a trading advice, educational purposes only
GBPUSD because the price is trending above a tested area of support 1.16716 on a higher time frame analysis.An untested resistance price level lies on 1.31250. If you want a zone around that level, you will have 1.315 - 1.3075
The dotted lines show half price points of the pair and it illustrates how market decisions are made at these price levels. Green for support, pink or red for resistance.
Price has been trending down for the past three weeks, from the high of 1.285 to a low of 1.2625 two weeks ago. From 1.2625 half price level, we see the price raided through to higher levels aiming for 1.3125, the next half price point or level.
High of the week on 11-03-2024 (week 11) was 1.2875 and low of the week on 22-04-2024 (week 17) was 1.235. If you took a selling position because you imagined some form of resistance at 1.2875, a bias that was confirmed on 12-06-2024 (week 24) because price trended below it. Actually the price came close to 1.285 and didn’t not come close to it.
One way to trade GBPUSD is to keep with the trend - the trend being the long term trend. And as Marty Zweig would say ‘the trend is your friend, until the end when it bends’.
But if you thought that GBPUSD should sell and you took a sell position using a 0.01 lot size at 1.285. Then you must hedge your trade by placing a 0.02 lot size with take profit at 1.31250
In other words, if you sold at 1.2875
Selling price: 1.2875
Take profit: 1.2625
Lot size: 0.01
Stop loss: 1.3125
Buying price: 1.2875
Take profit: 1.31250
Lot size: 0.02
This trading entry above is an adapted martingale strategy. Should you need a robot to do this for you, please let me know.
Otherwise if you follow the trend and you have been buying or you entered using the trend analysis below
Buying price: 1.2875
Take profit: 1.3125
Lot size: 0.01
Long term direction: Bullish
Weekly bias: Bullish
Feel free to continue this conversation by commenting, like, share and boost. For those who have followed me, thank you.
Disclaimer: Not a trading advice, educational purposes only
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.
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.