Reasons I took this trade:
- Double bottom formed on the larger timeframe / Bounce of strong resistance.
- Pair is oversold on many timeframes.
- Tight stop loss / Good R:R (Risk:Reward Ratio)
- Strong BULLISH candle on 1h timeframe ( Piercing Line Pattern & Possible Bullish Hammer )
- MACD crossover
Entry : 11.44453 (roughly)
Stop Loss: 11.39150
Sell limit on this pair . Price currently at support level , I expect a move upward to the marked lines. Last week rejection might be a aggressive entry . However with fundamentals in play we can see price break down without touching our first entry & second . But patient & let price present itself .
These two are called reversal patterns on GBPSEK. It is about the shape of the pattern. This is experience-based knowledge. This does not mean the most recent pattern is bound to reverse. This is not a prediction. It is a probability estimate.
GBPSEK is a very volatile instrument which is much avoided. How strange cuz volatility is needed to make profits (and...
Last post: May 2nd. See chart .
Review: A possible breakout and a close above the resistance zone around the round number 12.0000 was on the horizon.
Update: Price failed to breakout and, instead, pulled back to the daily 50SMA.
Conclusion: Price is now showing strength again. A breakout above is still required.
Any comments or questions, do not hesitate...
We last posted on the GBPSEK on April 15th when price had closed above the round number 12.0000 which was then confirmed as support.
What followed was classic price action movement which is often a battle between the bulls and the bears at these key levels. We can see that the bears came in strong in the form of a pullback to the pivot support level of April...
We last posted on the GBPSEK on April 7th when price had broken out of a circa 4 month consolidation and was showing positive signs of developing into a neat linear trend. This is exactly what we want to see as trend traders as linearity offer opportunities to enter, and more importantly, compound.
Since our past post, the GBPSEK has continued to perform well....
The GBPSEK is one of the better looking GBP currencies with price trending well and currently going through a mini breather as opposed to a deep pullback such as the GBPCAD .
Last month in March, price broke out of a period of consolidation that went back to December of last year and has since been trending very nicely. The emerging trend structure has so far...