GBP USD
Sell Entry on a Bullish Retracement: If the price rises to the 1.2570 - 1.2600 level (a potential resistance area close to the current price), you can enter a sell position.
Entry Confirmation: Wait for confirmation by a bearish candle closing on a smaller timeframe (such as 15 minutes or 1 hour) at this area.
Stop Loss:
Set the Stop Loss above the local resistance: The Stop Loss can be placed at the 1.2630 level. If the price breaks this level upwards, the potential downtrend might be reversed.
Targets (Take Profit):
First Target (TP1): At the 1.2480 level, which is close to the recent low.
Second Target (TP2): At the 1.2420 level, a deeper potential support level if the decline continues.
You can adjust the Stop Loss to the entry level after reaching the first target to ensure risk reduction.
Entry Confirmation: Wait for confirmation by a bearish candle closing on a smaller timeframe (such as 15 minutes or 1 hour) at this area.
Stop Loss:
Set the Stop Loss above the local resistance: The Stop Loss can be placed at the 1.2630 level. If the price breaks this level upwards, the potential downtrend might be reversed.
Targets (Take Profit):
First Target (TP1): At the 1.2480 level, which is close to the recent low.
Second Target (TP2): At the 1.2420 level, a deeper potential support level if the decline continues.
You can adjust the Stop Loss to the entry level after reaching the first target to ensure risk reduction.
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