This is a live viewpoint and possibility of what could potentially happen to GBPUSD by the end of this trading week, MY POSITION below 👇🏾
(MY CURRENT SELL POSITION OFF THIS RESISTANCE LEVEL) - 5/17/2023
MY TP has been set at 79.5 pips below my entry price
MY SL has been set at 27.5 pips above my entry price
The price of MY ENTRY PRICE was $1.24910pts
I'm trading on a 1.60 lot size (pip calculator on myfxbook) , which is aligned with my risk management rules.
(THE STRATEGY BEHIND THIS SELL TRADE)
- I started with finding a bearish candle that has 3 specific principles that I look for in a profitable bearish candle, and a previous wick of 113 pips, which is greater than the last bearish previous wick (73), by 40 = a greater previous wick = advantage, knowing that the greater the previous wick - the more effective and profitable this bearish candle has become combining it with this recent resistance level that has a total of 45 bullish candle wicks touching it, which is more than 19 bullish candle wicks, that had been able to push the price down 67.5 pips from it in 7 hours - Giving this resistance level the potential power and authority within itself + combined to push the price OF GBPUSD down 79.5 pips from my entry price HIT MY TP and protect the price from hitting my stop loss in this position
- The price of this resistance level is set between $1.25102 and $1.24349
(THE GREATER CHART VIEW)
- If you found this beneficial, you can support me with a like, boost and follow 💛
(Bk) Buomkuoth Nhial Reath
GOD BLESS YOU, AMEN
(MY CURRENT SELL POSITION OFF THIS RESISTANCE LEVEL) - 5/17/2023
MY TP has been set at 79.5 pips below my entry price
MY SL has been set at 27.5 pips above my entry price
The price of MY ENTRY PRICE was $1.24910pts
I'm trading on a 1.60 lot size (pip calculator on myfxbook) , which is aligned with my risk management rules.
(THE STRATEGY BEHIND THIS SELL TRADE)
- I started with finding a bearish candle that has 3 specific principles that I look for in a profitable bearish candle, and a previous wick of 113 pips, which is greater than the last bearish previous wick (73), by 40 = a greater previous wick = advantage, knowing that the greater the previous wick - the more effective and profitable this bearish candle has become combining it with this recent resistance level that has a total of 45 bullish candle wicks touching it, which is more than 19 bullish candle wicks, that had been able to push the price down 67.5 pips from it in 7 hours - Giving this resistance level the potential power and authority within itself + combined to push the price OF GBPUSD down 79.5 pips from my entry price HIT MY TP and protect the price from hitting my stop loss in this position
- The price of this resistance level is set between $1.25102 and $1.24349
(THE GREATER CHART VIEW)
- If you found this beneficial, you can support me with a like, boost and follow 💛
(Bk) Buomkuoth Nhial Reath
GOD BLESS YOU, AMEN