GBPUSD Week 2 Swing Zone & Level

Happy new year pip hunters.
Welcome back to Pinchpips Swing zone and level, SZL.
We start off the new year with SZ has indicated around 933-990, and Levels as marked.
Price action determines trades, so either of a or b could playout.
Entry is based on the 5 min candlesticks pattern with SL @ 10-15 pips from entry.
TP is as price action and momentum determines. However SL is usually moved to Breakeven, BE once entry pinches +20pips.

Note

Price failed to bounce off lower level (red box).
Entry @ 332
SL -15pips
dTP @ Redbox, depending on price action and momentum

Trade closed: stop reached

Entry @332 closed -15pips
Sell reentry @342 pinching +50pips

Note

Entry @342 closed for +20pips
Sell reentry @496
SL -10pips
dTP 23968

Note

3 trades: -15/+20/-10 = -15pips
Sell reentry @700
SL -10pips

Note

Price pinching +70pips.
Move SL to +15pips

Note

Price pinching +100pips.
MOve Sl to +40pips

Note

Price pinching +120pips.
MOve Sl to +60pips
Will be looking for a bounce @ 23968

Note

Excellent momentum pushing price past 23968
Trade entry 5700 closed for 240pips
4 trades: -15/+20/-10/+240 = +225pips

Note

Great Start to the trading year pinching 225pips in 4 trades.
Have a restful weekend

PinchPips

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