GBPUSD: How to Trade Using Trend Reversal Signals
The daily chart does not look bullish and the price is not far from the resistance zone. It means we can search for selling opportunities using the hourly timeframes.
For example, the 1H chart gives us trend reversal signals based on the triple top and a double bearish divergence.
If the price can stay below 1.26500 and it breaks the local support line formed by SMA100 and the support level, it will be a trade signal for shorting. Stop orders must be placed above SMA100 and the local swing high. The 1st profit target should be at SMA200 and round numbers.
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Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
For example, the 1H chart gives us trend reversal signals based on the triple top and a double bearish divergence.
If the price can stay below 1.26500 and it breaks the local support line formed by SMA100 and the support level, it will be a trade signal for shorting. Stop orders must be placed above SMA100 and the local swing high. The 1st profit target should be at SMA200 and round numbers.
P.S. as I don't use like-bots and other solutions that show great "interest" to my posts, I will be grateful if you support my work by your LIKEs and comment. Of course, if you can do it. The feedback from REAL people is priceless!
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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