KaKeungChoi

GBPUSD-Bearish but almost reach correction support zone

FX_IDC:GBPUSD   British Pound / U.S. Dollar
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5
GBPUSD-Bearish but almost reach correction support zone

This pair is still weak, as long as price is running below the 50 days SMA , I won't enter a reverse long trade, if one has a sell trade going with this pair, should keep it going until price climb above the 50 day SMA with a closing day candle to confirm a strong rebound, otherwise, one should sell this trade when it completed every correction and touch the resist zone. and may be capture a nice rebound trade whenever it touches the resist levels or support zones below.

Trading the S/R Zones

Trading Rules:
All S/R Zones has power to reverse the trade, but once broken with a closing candle Support zone will become Resist zone, and Resist zone will become Support zone .
Only trade when levels in zones are touch for the first time with a 1 hour engulfing candle to confirm the reverse.
Do Not chase price, let the price come to the S/R zones before entries.
S/R levels between zones can be use as Take Profit or stop lost location.

Comments

Price above the support zone, but watch out for these S/R wave levels in the coming weeks.
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Price reached the support trend at the bottom of this forecast chart. and rebound back up strongly.
I wished I have set up an auto Buy entry, but.... it happen fast and at night time while sleep, so no trade.
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Price continues the drop, it has broken through my previous chart dated 12 Sept., and its heading towards the supports in this forecast chart.
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Price climb and reached the resist zone, rejected and dropped to the support zone, at the moment is moving within the zone, so just be patient and wait for the break out. a one day close candle can tell us which direction its going to go.
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Price drop to the support zone
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