GBPUSD 4H - Approaching confluence level
Updated
The trend line in white, which worked as a support, was clearly broken, therefore there are signs of further bearish pressure on this pair. A conservative way I see to trade this pair is to wait for the price to reach what I consider a confluence level, around 1.31400. It could be a nice entry point for opening a short position.
Actually, tre white trend line could be tested, around 1.31800, although I think price might not reach that level. Reasons: RSI is already overbought and MACD is showing that bulls might be soon exhausted, as it is near to show a bearish cross.
Short entry: 1.31414 (Optional 1.31875)
TP1: 1.29974
TP2: 1.28875
TP3: 1.28021
SL 1.32046 (SL for optional entry: 1.32755)
*Not financial advise, just sharing my ideas :)
Feel free to give your feedback/opinion. Thanks for reading!
Actually, tre white trend line could be tested, around 1.31800, although I think price might not reach that level. Reasons: RSI is already overbought and MACD is showing that bulls might be soon exhausted, as it is near to show a bearish cross.
Short entry: 1.31414 (Optional 1.31875)
TP1: 1.29974
TP2: 1.28875
TP3: 1.28021
SL 1.32046 (SL for optional entry: 1.32755)
*Not financial advise, just sharing my ideas :)
Feel free to give your feedback/opinion. Thanks for reading!
Trade active
Main short entry triggeredTrade active
The price got perfectly into the "Sell area" and touched the trend line. So far all going according to the plan.Trade active
TP1 HitTrade active
TP2 HitTrade closed manually
Partial profit of TP3 taken. The reason is the volume in the last closed candle of 1 hour, that makes me doubt that the move can reach TP3. Happy trade :)
Thanks for reading.
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