ENTRY: Potential long setup around 1.24 if I see bullish PA inside the zone The market is inside a wide range of 1.20 ~ 1.28 in daily chart. If the market breaks below 1.24, I negate the long idea. STOP: below the zone TARGET: 1.28
Buy above 1.2415. Stop loss at 1.2250. Take profit at 1.2850. Reason for the trading strategy: Price is approaching our buying area once again as we remain bullish above 1.2415 (Fibonacci retracement, Fibonacci projection, horizontal overlap support) to play a bounce up to 1.2850 which is our long term resistance. From there, we can expect a bearish...
Sell below 1.2546. Stop loss at 1.2632. Take profit at 1.2356. Reason for the trading strategy (technically): We remain bearish below 1.2546 resistance (Fibonacci retracement horizontal overlap resistance) for a push down to 1.2356 support (Fibonacci retracement, Fibonacci projection, swing low support). RSI (34) is seeing strong descending resistance holding...
Sell below 1.2546. Stop loss at 1.2632. Take profit at 1.2356. Reason for the trading strategy (technically): We remain bearish below 1.2546 resistance (Fibonacci retracement horizontal overlap resistance) for a push down to 1.2356 support (Fibonacci retracement, Fibonacci projection, swing low support). RSI (34) is seeing strong descending resistance holding...
Buy above 1.2433. Stop loss at 1.2330. Take profit at 1.2563. Reason for the trading strategy (technically): GBPUSD has touched our entry level and is bouncing nicely as expected. We remain bullish on GBPUSD above major support at 1.2433 (Fibonacci retracement, Fibonacci projection, horizontal overlap support) for a bounce up to 1.2563 resistance (Fibonacci...
Buy above 1.2433. Stop loss at 1.2330. Take profit at 1.2563. Reason for the trading strategy (technically): We prepare to turn bullish on GBPUSD above major support at 1.2433 (Fibonacci retracement, Fibonacci projection, horizontal overlap support) for a bounce up to 1.2563 resistance (Fibonacci retracement, horizontal pullback resistance). Stochastic (21,5,3)...