GBPUSD Short Setup
Currency Pair: British Pound (GBP) / U.S. Dollar (USD)
Timeframe: 4-hour (4H)
Current Price: 1.28055
Setup Rationale:
Resistance Zone: The price has approached a key resistance zone between 1.28533 and 1.28657. This zone has previously acted as a strong resistance level, indicating a potential reversal point.
Bearish Candlestick Patterns: There are signs of bearish candlestick patterns forming near the resistance zone, indicating potential selling pressure and reversal.
Risk-Reward Ratio: The highlighted region shows a favorable risk-reward ratio, with the potential downside significantly outweighing the upside risk.
Entry:
Ideal Entry Point: Around 1.28533, within the resistance zone.
Alternative Entry Point: A breakdown below the immediate support at 1.27541 could also provide a confirmation for a short position.
Stop Loss:
Placement: Just above the resistance zone at 1.28657 to minimize risk.
Take Profit:
Initial Target: Around 1.27500, where previous support levels are observed.
Secondary Target: Near 1.27000, allowing for potential extended gains if the downward momentum continues.
Trade Management:
Monitor price action closely within the resistance zone for any signs of reversal or continuation.
Adjust the stop loss to break even once the price reaches the initial target to secure profits.
Consider partial profit-taking at key support levels to manage risk.
Timeframe: 4-hour (4H)
Current Price: 1.28055
Setup Rationale:
Resistance Zone: The price has approached a key resistance zone between 1.28533 and 1.28657. This zone has previously acted as a strong resistance level, indicating a potential reversal point.
Bearish Candlestick Patterns: There are signs of bearish candlestick patterns forming near the resistance zone, indicating potential selling pressure and reversal.
Risk-Reward Ratio: The highlighted region shows a favorable risk-reward ratio, with the potential downside significantly outweighing the upside risk.
Entry:
Ideal Entry Point: Around 1.28533, within the resistance zone.
Alternative Entry Point: A breakdown below the immediate support at 1.27541 could also provide a confirmation for a short position.
Stop Loss:
Placement: Just above the resistance zone at 1.28657 to minimize risk.
Take Profit:
Initial Target: Around 1.27500, where previous support levels are observed.
Secondary Target: Near 1.27000, allowing for potential extended gains if the downward momentum continues.
Trade Management:
Monitor price action closely within the resistance zone for any signs of reversal or continuation.
Adjust the stop loss to break even once the price reaches the initial target to secure profits.
Consider partial profit-taking at key support levels to manage risk.
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