📈 GBPPLN Sideways Trading Strategy! 📉
#GBPPLN #Forex #TradingStrategy #TechnicalAnalysis #SidewaysMarket
Greetings, fellow traders! 📊 Today, I'd like to share an exciting trading opportunity in the GBPPLN currency pair. The 1-hour chart indicates a sideways market, with no clear bearish or bullish trend. To take advantage of this situation, I have devised two...
GBP/PLN is currently forming a Cup & Handle Pattern. Bullish Divergence on RSI also recorded during formation of the pattern. Expecting price to break the pattern and continue moving up!
Analysis:
GBPPLN is currently in a bearish trend. As the price in at Fib retracement level 0.38, we can enter in a short trade. For this trade the stop loss will be at 5.28646 which is the previous lower high level.
------ Trade ------
Type: Short
Entry: 5.25754
Stop Loss: 5.28646
TP1: 5.22862
TP2: ...
This analysis is based on Cap & Handle pattern which can be drawn as shown with dotted lines, plus Fib extension target measured from the start of the new trend. Reaching 5.8 PLN per GBP is quite possible seeing the recent drop has now reached resistance level and 50% drop of the price rise, s/l below 75% would be a good idea, protect your capital is always a good...
The rend has been broken and we are looking at possible targets confirmed by levels of t/p measured using symmetrical triangle pattern and fib level as t/p 2 FOREXCOM:GBPNOK [/symbol ]
Outlook could be both positive and negative (NEUTRAL), pricing shows now is not a bad time to convert GBP to PLN as we are at a neutral position in the market.
Scenario 1 - It could break higher but has some tough resistance to break through first, including breaking out of its current range
Scenario 2 - It could bounce back lower, keeping in its current...
We have had an impulsive move to the upside. Thus we need to wait for a correction back into a key level. Need to see 4hr rejections come from this level then I will be taking a long trade. SL at the invalidation level which is below the recent swing low. Target retesting the high and some continuation. Solid RR on this trade.
