GBPUSD TA and Possible bullish trade setup (PRICE ACTION STUDY

22 мар. 2023 г.

GBP USD TA

NOTE : TODAY IS FULL OF HEAVY NEWS THIS IS ONLY A STUDY AND FOR EDUCATIONAL PURPOSE AND STRATEGY FORWARD TEST

TREND: BULLISH
PRICE ACTION : Consolidating
PATTERN: FLAG bullish continuation patern
Technical:
RSI ABOVE 50 - bullish
PIVOT (Monthly) - price trading around the montly pivot but currently above montly
MA (sma) - price currently above 50 sma

DAILY CHART


4H - CHART IS ALIGNED ON DAILY BULLISH BUT CURRENTLY PRICE IS CORRECTIVE

1 LOOKING AT CURRENT MONTLY PIVOT AS SUPPORT IF TRENDLINE IS BROKEN
2 PRICE IS CURRENTLY ABOVE 50SNA AND RSI IS ABOVE 50
3 WE CAN ALSO SEE A BEARISH CONVERGENCE ON RSI INDICATING A TEMPORARY DECELARATION OF
PRICE.
4 WING STRUCTURE HIGHER HIGH HIGHER LOW INDICATING BULISH STRUCTURE
5 PRICE CURRENTLY RESPECTING MINOR SUPPORT

1H IF WE TRADE IT
we can align on htf bias bullish target daily resistance

we can see price respecting support. If we pullback we can look for a break and retest trade.
Honestly it could have happened already with that recent pullback.

we can zoom in 15m for a more detailed price action plan

22 мар. 2023 г.

Комментарий

stop loss placement can be subjective. up to the trader on how he wants to manage the risk.