GBP USD TA
NOTE : TODAY IS FULL OF HEAVY NEWS THIS IS ONLY A STUDY AND FOR EDUCATIONAL PURPOSE AND STRATEGY FORWARD TEST
TREND: BULLISH
PRICE ACTION : Consolidating
PATTERN: FLAG bullish continuation patern
Technical:
RSI ABOVE 50 - bullish
PIVOT (Monthly) - price trading around the montly pivot but currently above montly
MA (sma) - price currently above 50 sma
DAILY CHART
4H - CHART IS ALIGNED ON DAILY BULLISH BUT CURRENTLY PRICE IS CORRECTIVE
1 LOOKING AT CURRENT MONTLY PIVOT AS SUPPORT IF TRENDLINE IS BROKEN
2 PRICE IS CURRENTLY ABOVE 50SNA AND RSI IS ABOVE 50
3 WE CAN ALSO SEE A BEARISH CONVERGENCE ON RSI INDICATING A TEMPORARY DECELARATION OF
PRICE.
4 WING STRUCTURE HIGHER HIGH HIGHER LOW INDICATING BULISH STRUCTURE
5 PRICE CURRENTLY RESPECTING MINOR SUPPORT
1H IF WE TRADE IT
we can align on htf bias bullish target daily resistance
we can see price respecting support. If we pullback we can look for a break and retest trade.
Honestly it could have happened already with that recent pullback.
we can zoom in 15m for a more detailed price action plan
NOTE : TODAY IS FULL OF HEAVY NEWS THIS IS ONLY A STUDY AND FOR EDUCATIONAL PURPOSE AND STRATEGY FORWARD TEST
TREND: BULLISH
PRICE ACTION : Consolidating
PATTERN: FLAG bullish continuation patern
Technical:
RSI ABOVE 50 - bullish
PIVOT (Monthly) - price trading around the montly pivot but currently above montly
MA (sma) - price currently above 50 sma
DAILY CHART
4H - CHART IS ALIGNED ON DAILY BULLISH BUT CURRENTLY PRICE IS CORRECTIVE
1 LOOKING AT CURRENT MONTLY PIVOT AS SUPPORT IF TRENDLINE IS BROKEN
2 PRICE IS CURRENTLY ABOVE 50SNA AND RSI IS ABOVE 50
3 WE CAN ALSO SEE A BEARISH CONVERGENCE ON RSI INDICATING A TEMPORARY DECELARATION OF
PRICE.
4 WING STRUCTURE HIGHER HIGH HIGHER LOW INDICATING BULISH STRUCTURE
5 PRICE CURRENTLY RESPECTING MINOR SUPPORT
1H IF WE TRADE IT
we can align on htf bias bullish target daily resistance
we can see price respecting support. If we pullback we can look for a break and retest trade.
Honestly it could have happened already with that recent pullback.
we can zoom in 15m for a more detailed price action plan
Comment:
stop loss placement can be subjective. up to the trader on how he wants to manage the risk.