Hi,
This is an update of my previous idea, sorry for the repost firstly.
My opinions on the outlook:
1. Based on 4hourly, I see that the trade has reached to the resistance line which shows that it is a bearish trend market.
2. It is travelling in a channel as you can see from my chart, which is an additional plus point
3. The price is currently at my resistance zone as seen on the chart which is also near the bearish trendline which is an additional bonus!
4. As the price approaches the trendline/channel/resistance, we can see that the bullish candle on 30min, hourly, 4hourly is weakened alot. WHich is what I wish to see personally and it is an added bonus as it is a solid price action to me.
5. It filled the imbalance on the hourly too.
6. RSI is currently approaching oversold region on hourly!
Caution:
1. ANY GBP RELATED NEWS
Trading Plan:
1. Hourly to show strong bearish candle confluence for an example, Kangaroo tail or Engulfing candle!
2. Sell Stop will be placed below the candlestick pattern and SL will be placed few pips above that candlestick pattern or above the zone/channel or best optimal sl(140.35)
Targetted tp:
(i) 138.990
(ii) 138.295
(iii) 136.743
Shift your SL when it reaches target, and decide if you want to take partial at each point or trail sl
All the best and cheers!
Please share your opinions! Thank you!
This is an update of my previous idea, sorry for the repost firstly.
My opinions on the outlook:
1. Based on 4hourly, I see that the trade has reached to the resistance line which shows that it is a bearish trend market.
2. It is travelling in a channel as you can see from my chart, which is an additional plus point
3. The price is currently at my resistance zone as seen on the chart which is also near the bearish trendline which is an additional bonus!
4. As the price approaches the trendline/channel/resistance, we can see that the bullish candle on 30min, hourly, 4hourly is weakened alot. WHich is what I wish to see personally and it is an added bonus as it is a solid price action to me.
5. It filled the imbalance on the hourly too.
6. RSI is currently approaching oversold region on hourly!
Caution:
1. ANY GBP RELATED NEWS
Trading Plan:
1. Hourly to show strong bearish candle confluence for an example, Kangaroo tail or Engulfing candle!
2. Sell Stop will be placed below the candlestick pattern and SL will be placed few pips above that candlestick pattern or above the zone/channel or best optimal sl(140.35)
Targetted tp:
(i) 138.990
(ii) 138.295
(iii) 136.743
Shift your SL when it reaches target, and decide if you want to take partial at each point or trail sl
All the best and cheers!
Please share your opinions! Thank you!