I'm providing here (GBP/USD, 1-hour timeframe)
Pattern Observation:
The price tested a resistance zone around 1.33400 – 1.33550 multiple times (triple top).
A potential bearish move is forecasted, as indicated by the drawn black and blue arrows.
Ichimoku Cloud shows bearish pressure (price is under the cloud).
Suggested Trade Setup:
Trade Type: Sell (Short)
Entry Point:
Around current price: 1.32800–1.32900
Take Profit (TP) Levels:
TP1: 1.32000 (recent support area)
TP2: 1.31580 (target marked on the chart)
TP3: 1.30800 (next key support zone if momentum continues)
Stop Loss (SL):
Above the resistance zone: 1.33550–1.33600
This protects the trade if price breaks above the established resistance.
Risk Management Tips:
Risk no more than 1–2% of your trading capital.
Adjust lot size based on SL distance and your risk tolerance.
Monitor for major news events near the 21–23 May period as marked on your chart.
Pattern Observation:
The price tested a resistance zone around 1.33400 – 1.33550 multiple times (triple top).
A potential bearish move is forecasted, as indicated by the drawn black and blue arrows.
Ichimoku Cloud shows bearish pressure (price is under the cloud).
Suggested Trade Setup:
Trade Type: Sell (Short)
Entry Point:
Around current price: 1.32800–1.32900
Take Profit (TP) Levels:
TP1: 1.32000 (recent support area)
TP2: 1.31580 (target marked on the chart)
TP3: 1.30800 (next key support zone if momentum continues)
Stop Loss (SL):
Above the resistance zone: 1.33550–1.33600
This protects the trade if price breaks above the established resistance.
Risk Management Tips:
Risk no more than 1–2% of your trading capital.
Adjust lot size based on SL distance and your risk tolerance.
Monitor for major news events near the 21–23 May period as marked on your chart.
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.
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.