Potential GBP/USD Short
This is my first idea published so I kind of want to give a little bit of insight into how I approach some trades. I do follow trend lines and basically use super tight stop losses with long-term potential, so my risk to rewards are higher then normal. I'm still working on my patience to hold trades for a few days as I'm still learning and studying charts.
This is not a pair that I trade normally but given the setup and it meeting my risk to reward requirements, I decided to pursue it. 1.30000 has proven plenty of times to be a zone of interest on H4 charts for this pair. This is the first confluence for me. The second confluence is the downward trend line and the time it's taken to hit the trend line from point 3 and point 4. I've read that this huge space of time can prove that it's a stronger trend and will have a higher probability of holding true to the trend line. As for the TP, I've noticed a downward trend line also occurring on the H4 and Daily Chart. 1.28-1.285 has been a zone of support previously on the Daily chart way back in Oct of 2019, and even back in Jan of 2019.
Given the amount of pips to TP, I wouldn't expect this to hit TP until the first week of March or possibly the second week. This will be interesting to see how it folds out.
This is not a pair that I trade normally but given the setup and it meeting my risk to reward requirements, I decided to pursue it. 1.30000 has proven plenty of times to be a zone of interest on H4 charts for this pair. This is the first confluence for me. The second confluence is the downward trend line and the time it's taken to hit the trend line from point 3 and point 4. I've read that this huge space of time can prove that it's a stronger trend and will have a higher probability of holding true to the trend line. As for the TP, I've noticed a downward trend line also occurring on the H4 and Daily Chart. 1.28-1.285 has been a zone of support previously on the Daily chart way back in Oct of 2019, and even back in Jan of 2019.
Given the amount of pips to TP, I wouldn't expect this to hit TP until the first week of March or possibly the second week. This will be interesting to see how it folds out.
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