GBPUSD - Trend Pullback Trading - Channel Top & Weekly Trendline
מעודכן
Hi Traders!
The market is making higher highs and higher lows.
However, it is still in an overall Downtrend.
Before we start, here is an overview for the Daily Timeframe:
As you can see the market is in a light ascending Parallel Channel.
In addition it is soon at the weekly Trendline.
That means that we should prepare for another Upmovement, before we sell it at the highest Price.
Now we switch to the lower H4-Timeframe.
The market is making higher highs and higher lows.
That means: It is willing to pay a more and more expensive prices than it did before.
Now you might be thinking: We're here trading against the Trend; why should I follow this idea?
This thought is absolutely legitimate.
But look at it in this way: Professional Traders know the overall structure and behavior of the market.
If no Pro-Trader would be selling in an Uptrend, from where would the retracements come frome than?
The target is at the 61.8% Retracement of the Upmovement, because we know it is making higher lows too.
The SL is far away from the weekly Trendline.
We recommend to trade the Reversal after the higher High (only if there's one).
Thanks and successful Trading :)!
The market is making higher highs and higher lows.
However, it is still in an overall Downtrend.
Before we start, here is an overview for the Daily Timeframe:
As you can see the market is in a light ascending Parallel Channel.
In addition it is soon at the weekly Trendline.
That means that we should prepare for another Upmovement, before we sell it at the highest Price.
Now we switch to the lower H4-Timeframe.
The market is making higher highs and higher lows.
That means: It is willing to pay a more and more expensive prices than it did before.
Now you might be thinking: We're here trading against the Trend; why should I follow this idea?
This thought is absolutely legitimate.
But look at it in this way: Professional Traders know the overall structure and behavior of the market.
If no Pro-Trader would be selling in an Uptrend, from where would the retracements come frome than?
The target is at the 61.8% Retracement of the Upmovement, because we know it is making higher lows too.
The SL is far away from the weekly Trendline.
We recommend to trade the Reversal after the higher High (only if there's one).
Thanks and successful Trading :)!
הערה
Here is the RED BOX, in case you need it ;)
כתב ויתור
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