Hey traders and investors, this is my viewpoint and belief on what will most likely happen to GBPUSD this week - connect to this by reading it and writing your thoughts in the comments if you agree.
- I've noticed that the price of GBPUSD has gone down 0.81% in the last 2-3 days (April 20, 2023) - since there was a resistance level set between $1.24626 and $1.24747 that had a total of 10 bullish candle wicks touching it, which gave it the power and ability within itself to push the price down 100.5 pips from it and protect the price from hitting a 3.5 pip stop loss above the 10th bullish candlewick
(THE STRATEGY BEHIND THIS SELL TRADE) - 4/22/2023
- started with the finding of this new resistance level that has 23 bullish candle wicks touching it, which is more bullish candle wicks touching it than the previous resistance level above it, which was able to push the price down 100.5 pips from it and protect the price from hitting a 3.5 pip stop loss = giving this resistance level an edge and overall making it more effective and influential when combined with this bearish candle slightly beneath it to push the price down 95 pips from my entry price HIT MY TP and protect the price from hitting my stop loss.
- the bearish candle combined with this new resistance level has the 3 specific principles I look for in a profitable bearish candle and a previous wick of 34 pips.
(GREATER CHART VIEW 🌅)
(MY SELL POSITION ON GU)
The price of my take profit is set at $1.23250 (95 pips)
The price of my stop loss is set at $1.24531 (18.5 pips)
MY ENTRY PRICE IS $1.24400
- RISK MANAGEMENT IS APPLIED ✅
- IF YOU FOUND THIS USEFUL, YOU CAN SUPPORT ME WITH A LIKE/BOOST AND FOLLOW 💛
- I've noticed that the price of GBPUSD has gone down 0.81% in the last 2-3 days (April 20, 2023) - since there was a resistance level set between $1.24626 and $1.24747 that had a total of 10 bullish candle wicks touching it, which gave it the power and ability within itself to push the price down 100.5 pips from it and protect the price from hitting a 3.5 pip stop loss above the 10th bullish candlewick
(THE STRATEGY BEHIND THIS SELL TRADE) - 4/22/2023
- started with the finding of this new resistance level that has 23 bullish candle wicks touching it, which is more bullish candle wicks touching it than the previous resistance level above it, which was able to push the price down 100.5 pips from it and protect the price from hitting a 3.5 pip stop loss = giving this resistance level an edge and overall making it more effective and influential when combined with this bearish candle slightly beneath it to push the price down 95 pips from my entry price HIT MY TP and protect the price from hitting my stop loss.
- the bearish candle combined with this new resistance level has the 3 specific principles I look for in a profitable bearish candle and a previous wick of 34 pips.
(GREATER CHART VIEW 🌅)
(MY SELL POSITION ON GU)
The price of my take profit is set at $1.23250 (95 pips)
The price of my stop loss is set at $1.24531 (18.5 pips)
MY ENTRY PRICE IS $1.24400
- RISK MANAGEMENT IS APPLIED ✅
- IF YOU FOUND THIS USEFUL, YOU CAN SUPPORT ME WITH A LIKE/BOOST AND FOLLOW 💛