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Good morning readers, Today, GBPUSD have an interesting setup for our daily trading. Where this pair has been trading in an interesting price pattern for the past few days.
Check out GBPUSD on the weekly chart below:
Judging by the chart above, it looks like price GBPUSD attempting to make fresh lows in the sell-off on US dollar sentiment, which forms the basis of this analysis.
For today’s entry recap, let’s look at the GBPUSD on the 1-hour chart below:
Based on the image above,
I’ve found Even the following intraday support and resistance prices:
Resistance2 (R2): 1.1872
Resistance1 (R1): 1.1816
Support1 (S1): 1.1705
Support2 (S2): 1.1641
From the chart above you can see the price of the pair GBPUSD is slowly moving south and produced a bearish continuation last week that will still be the reference for analysis.
How the market reacts to the overnight buying impulse will be the basis of the daily trend this time.
The base of the trend will still hold onto the charted SR level, being aware of opportunities for a correction or pullback. Remain factual!
Use the volume type indicator to help us see the strength of the trade in each candle.
The R1 level and the S1 level also measure how much pressure the trader has today where this will confirm the next direction and also the interest in the transaction.
Beware of the consolidation between the R1 level and the S1 level.
Just take a look,
Well, in my view/prediction, based on the price action analyzed above, today we will attempt to see the available entry points. However technically not allow assumptions play then the best entry we can make is we will continue to see movement FINAL PRICE Pada candle 1 hour.
My setup for breakout opportunities GBPUSD
Obtain : If the price of the 1-hour closing candle penetrates the R1 level perfectly (the body candle is far from the upper limit of R1), then get ready to look for the best BUY entry position, you can yours Also allow position to reach the R2 level (the strongest resistance level today) to see the market’s reaction to this level to go back up or not.
To sell : If the price of the 1-hour closing candle pierces the S1 level, then get ready to look for the best SELL entry position, you can also let your position reach the S2 level (the strongest support level today), to see the market reaction to that level to go back down or not.
My setup for the pullback opportunity
To sell : If the price of the 1-hour closing candle fails to penetrate the R1 level (e.g. forming a bear header), then be prepared to look for the best SELL entry position, but if the price breaks this level reaches and breaks through, prepare for a cutting loss. Can also be used at level R2.
Obtain : If the price of the 1-hour closing candle fails to penetrate the S1 level (e.g. forming a bull pin bar), then prepare to find the best BUY entry position, but if the price breaks through this level reaches and breaks through, then prepare to cut loss. Can also be applied to S2 level.
Use Risk reward always at least 1:1 or 1:2 and a trailing stop loss (manual or automatic) if required. You can use support and resistance levels for your analysis reference to set stop loss and perform cut loss, stay alert for price consolidation.
Continue to use good money management in each entry for continued healthy trading. Hopefully this article can be your reference in analyzing the market.