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)
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.