Trade Plan (Pending): I am selling GBP/USD at 1.2600
Trade Plan (Pending): I am selling GBP/USD at 1.2600
Although GBP/USD traded to the lowest level in 105 (trading) days yesterday buyers have emerged at 1.2427. This is the projected downside support for the AB leg in a daily Bat formation. A common retracement level for the BC leg is 38.2% of the last decline. This price point is located at 1.2605. Bespoke resistance is located at 1.2605.
Moving down to the four-hour chart we have a 61.8% pullback level at 1.2602.
Conclusion: there is ample scope for an upside correction. I look for 1.2602 and 1.2605 to cap buying interest. The medium-term focus remains bearish with the Bat formation not completing until 1.2138.
I am looking to split this trade setup into two units.
Selling at 1.2600 (Trigger valid until the close on Friday 19th April)
SL: 1.2660
TP1: 1.2430 (R rate of 2.83)
TP2: 1.2140 (R rate of 7.67)
Although GBP/USD traded to the lowest level in 105 (trading) days yesterday buyers have emerged at 1.2427. This is the projected downside support for the AB leg in a daily Bat formation. A common retracement level for the BC leg is 38.2% of the last decline. This price point is located at 1.2605. Bespoke resistance is located at 1.2605.
Moving down to the four-hour chart we have a 61.8% pullback level at 1.2602.
Conclusion: there is ample scope for an upside correction. I look for 1.2602 and 1.2605 to cap buying interest. The medium-term focus remains bearish with the Bat formation not completing until 1.2138.
I am looking to split this trade setup into two units.
Selling at 1.2600 (Trigger valid until the close on Friday 19th April)
SL: 1.2660
TP1: 1.2430 (R rate of 2.83)
TP2: 1.2140 (R rate of 7.67)
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.