GBPSGD trade ideas
GBPSGD is close to Buy Zone!The price can bounce off the Support/Resistance Zone.
It will be a good Buy opportunity.
Potential profit will be 3 times bigger than the risk.
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GBPSGD bounced off the border!This instrument is inside the downward channel and can continue to fall.
The price bounced off the border.
We can look for accurate sell entry.
Push like if you think this is a useful idea!
Before to trade my ideas make your own analysis.
Thanks for your support!
GBPSGD Broke Channel 🦐GBPSGD Broke Channel and could create a ZigZag Correction.
We are waiting for retest and according with our strategy we can put a nice short order.
GBPSGD Short GBPSGD
Broken trendline with retest clearly
price printed HnS Pattern at fibo level
short favorable
We've held above the prior monthly and weekly on GBP/SGD.GBP/SGD is showing some signs of accumulation as we've held above monthly and weekly support in our current uptrend.
I like a test of previous monthly resistance indicated by the dashed white line.
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The S/R color coding system I'm developing for myself:
To see multiple timeframe levels at once, use a color coding system:
A. Light Blue: Weekly Levels (W)
B. Green: Daily Levels (D)
C. Purple: Monthly Levels and above (MO)
D. Orange: 3 day levels. (3D).
E. Red: (12 hour levels and below.)
Note: You can actually see higher timeframe levels by simply counting the number of candles when viewing the lower timeframes. I.e. count back 7 daily candles, look at where we've closed the last daily, and that's your weekly level.
1. The S/R system that I use involves examining trend on a multiple timeframe basis. The idea is that trend confirms and re-confirms itself as time goes on, or else the trend fails.
2. Support/Resistance Identification
A.To identify a level, I start by taking an area where at least "2" candles have closed at nearly the nearly the same price. This is how I identify support/resistance. The more closes at or near the same price, the more valid the level. But only "2" are required.
B. To be clear, the lines you see are NOT the S/R levels themselves. They are derived *from* the S/R level by taking it's high/low.
3. Color Coding for trend.
Then I take the high/low of that group and mark that as a color-coded level. I then expect price to come back and revisit that level, although it isn't necessary.
4. Range-Bound Trading.
Range-bound markets can be tough to trade because the trend can be difficult to identify. In range-bound conditions, I like to take good R/R trades at the lows or the highs of the range, and then exiting the trade at the opposite side. If the range breaks, however, you can then enter trades on the side of trend.
GBPSGD Short GBPSGD has broken the trendline and have retraced to Fibonacci level where we can see some selling pressure
Short Setup favorable
GBP|SGD - Short OpportunityThere is an opportunity to short the GBP|SGD
- Short entries may be initiated on break of 1.76260
- Stop Losses should be above the swing high of corrective 1.77230 (Red Horizontal)
- Target Point A: 1.75050 (Green Horizontal)
- Target Point B: 1.74276
All remaining target and intermediary support zones to the downside are marked below entry by consecutive horizontal lines (blue.)
GBP|SGD - Long OpportunityThere is an opportunity to long the GBP|SGD on break of the recent swing high pivot after we established a lower high at 1.75015
- Long entries may be initiated on break of 1.76071
- Stop Losses should be below the last swing low of 1.75015 (Red Horizontal)
- Target Point A : 1.78267 (Green Horizontal)
All remaining target and intermediary resistance zones to the upside are marked above entry by consecutive horizontal lines (blue.)
GBP|SGD - Short OpporunityThere is an opportunity to short the GBP|SGD on the touch of the pendant channel resistance..
- Short entries may be initiated now or on touch.
- Stop Losses should be above the last swing high of 1.76094 (Red Horizontal)
- Target Point A (Safe): 1.75318 (Green Horizontal)
All remaining target and intermediary support zones to the downside are marked below entry by consecutive horizontal lines (blue.)
