This chart is for GBP/USD on a 30-minute timeframe and it appears to show a potential bearish reversal pattern, likely a head and shoulders or double top scenario. Here's a breakdown of the strategy shown:
Resistance Zone (Top Green Box): Price has tested this area multiple times, creating a potential top.
Support Zone (Bottom Green Box): Price has also bounced from here a few times, forming the base of a range.
Stop Loss (Red Arrow): Placed just above the resistance, in case of a breakout upward.
Take Profit (Blue Line): Set at or just below the support zone, expecting a downward move.
Trade Bias: Bearish — the trader is anticipating a reversal from resistance and a move toward support.
This setup assumes the price won't break above resistance, and will instead fall back down to the support zone — potentially forming a range trade or a continuation pattern if it breaks lower.
Do you want help analyzing whether this is a solid setup based on current market sentiment or recent data?
Resistance Zone (Top Green Box): Price has tested this area multiple times, creating a potential top.
Support Zone (Bottom Green Box): Price has also bounced from here a few times, forming the base of a range.
Stop Loss (Red Arrow): Placed just above the resistance, in case of a breakout upward.
Take Profit (Blue Line): Set at or just below the support zone, expecting a downward move.
Trade Bias: Bearish — the trader is anticipating a reversal from resistance and a move toward support.
This setup assumes the price won't break above resistance, and will instead fall back down to the support zone — potentially forming a range trade or a continuation pattern if it breaks lower.
Do you want help analyzing whether this is a solid setup based on current market sentiment or recent data?
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Forex, Gold & Crypto Signals with detailed analysis & get consistent results..
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Gold Signal's with proper TP & SL for high profit opportunities..
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.
📲 Join telegram channel free ..
t.me/Money_Magnet08
Forex, Gold & Crypto Signals with detailed analysis & get consistent results..
t.me/Money_Magnet08
Gold Signal's with proper TP & SL for high profit opportunities..
t.me/Money_Magnet08
Forex, Gold & Crypto Signals with detailed analysis & get consistent results..
t.me/Money_Magnet08
Gold Signal's with proper TP & SL for high profit opportunities..
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.