Greetings Traders take a look at this trade. We have an upward channel and Price is expected to continue move upwards after an smaller pullback towards the lower boundary of the Channel and towards the 200 e.m.a. Considering Correlation gbpusd is also having positive correlation with aud-usd , Eurusd and negative correlation with usd-cad . We are expecting Price to continue selling when markets open on Monday and we will wait for the markets to reject the lower boundary of the of the channel or show signs of reversal such as dragonfly doji or engulfing pattern , Use swing trade strategy and Place a buy after observing a good confirmation . Use proper risk management by placing your trade in the 2 hour or 1 hour Time-frame . 1:2/3 Risk reward ratio is preferred in this trade and setup. Analyse your 1 hour time-frame and identify these channels and important levels.
on the other hand expect the market to test the level indicated ( Important level ) , Price can even fall to that level in-order to re-test the important support level, if price does so, use swing trade strategy by placing a buy at this important level.
on the other hand expect the market to test the level indicated ( Important level ) , Price can even fall to that level in-order to re-test the important support level, if price does so, use swing trade strategy by placing a buy at this important level.