GBP/USD -Trading Sideways trend using Support & Resistance Lines
On 1 Hr time frame sideways trend is prevailing.
After drawing Support and resistance lines, since we cannot be sure where trend will ping-pong therefore, both LONG and SHORT types of Trades are in order.
Trading LONG :
Through "Buy Stop" taking entry just above Support Level 2 and keeping Stop Loss just below Support Level 1. Setting TP as per Risk/Reward Ratio of 1% after calculating through Forex Calculator. Take another trade at same values except keeping TP @ 2% Risk/Reward ratio.
Trades values mentioned on Chart.
Trading SHORT:
Through "Sell Stop" taking entry just below Resistance Level 2 and keeping Stop Loss Just Above Support Level 1. Setting TP as per Risk/Reward Ratio of 1% after calculating through Forex Calculator. Take another trade at same values except keeping TP @ 2% Risk/Reward ratio.
Trades values mentioned on Chart.
After drawing Support and resistance lines, since we cannot be sure where trend will ping-pong therefore, both LONG and SHORT types of Trades are in order.
Trading LONG :
Through "Buy Stop" taking entry just above Support Level 2 and keeping Stop Loss just below Support Level 1. Setting TP as per Risk/Reward Ratio of 1% after calculating through Forex Calculator. Take another trade at same values except keeping TP @ 2% Risk/Reward ratio.
Trades values mentioned on Chart.
Trading SHORT:
Through "Sell Stop" taking entry just below Resistance Level 2 and keeping Stop Loss Just Above Support Level 1. Setting TP as per Risk/Reward Ratio of 1% after calculating through Forex Calculator. Take another trade at same values except keeping TP @ 2% Risk/Reward ratio.
Trades values mentioned on Chart.