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Looking at GBPUSD (Cable) - I think we will be in a Bearish market for the first part of the week, commencing 30th December 2020.
Using Fibb Retracement from last weeks high/low points, we're currently sat in the 'Golden Zone'. A second confirmation candle has confirmed price has broken the Ascending Trend.
We are targeting the 23.60% Fibb level which sits just above our previous Support Zone (1.32426).
So why are we taking this trade?
- Broken trend with a third confirmation candle on the 4 hour chart
- Price currently in the Golden Zone
- Relative Strength Index ( RSI ) is sat at 60 on the 1 Day chart. (Indicating the market is overbought)
Target Pips: 62
Risk to Reward: 1.30
Remember to LIKE, COMMENT and FOLLOW for more trade ideas!
@newgenforex on all social media platforms :-)
Using Fibb Retracement from last weeks high/low points, we're currently sat in the 'Golden Zone'. A second confirmation candle has confirmed price has broken the Ascending Trend.
We are targeting the 23.60% Fibb level which sits just above our previous Support Zone (1.32426).
So why are we taking this trade?
- Broken trend with a third confirmation candle on the 4 hour chart
- Price currently in the Golden Zone
- Relative Strength Index ( RSI ) is sat at 60 on the 1 Day chart. (Indicating the market is overbought)
Target Pips: 62
Risk to Reward: 1.30
Remember to LIKE, COMMENT and FOLLOW for more trade ideas!
@newgenforex on all social media platforms :-)
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