GBPUSD - Long Position
Price is ranging between support and resistance.
The price clearly bounced off support twice before ranging. This is on the 4 hr TF.
Moving down to the 1 hr TF, the price has now bounced off the ranges' support and heading up.
Long this position and close trade before it reaches the range's resistance.
After this setup plays out, a break of the range resistance would open a long position again, and a rejection from the resistance would open a short position.
The price clearly bounced off support twice before ranging. This is on the 4 hr TF.
Moving down to the 1 hr TF, the price has now bounced off the ranges' support and heading up.
Long this position and close trade before it reaches the range's resistance.
After this setup plays out, a break of the range resistance would open a long position again, and a rejection from the resistance would open a short position.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.