GBPUSD Searches for Higher Highs
Updated
We have a very nice and supportive Pivot Stack with the WPR, DPR and 6 Day RPR overlayed on top of each other. Your entry can occur at these levels around 1.3172 and place a stop loss below the Pivot Stack which simultaneously coincides with the previous day's low.
This is a good risk reward trade. But there are some risks as the price failed miserably a few days ago in a steep drop. So we don't want to push our luck and should be comfortable with a profit target near the previous swing highs. Once we get there (if), then we can evaluate what to do depending upon our Pivot indicators' levels. Stay tuned:)
Remember to relax with these trades. We are using stop losses and Daily charts. This means we do not have to get too worked up with anxiety over volatile, intraday price movements. Let the market do its thing and we will do ours...we trade every trade with a plan by using the Pivot Stack indicators to plot our next moves!
*See the Legend below for the Indicator Guide*
IF YOU THINK THIS STUDY HAS VALUE, PLEASE FOLLOW ME AND LIKE THE CHART.
Thank you for your support – I look forward showing you many more studies like this that can help you with your trading.
Indicator Legend:
Daily Pivot Range-DPR (blue/magenta dots) | Weekly Pivot Range-WPR (orange/red dots) | Monthly Pivot Range-MPR (green/black dots)
6 Day Rolling Pivot Range-RPR (lime/yellow dots)
Daily Pivot Moving Averages-DPMA: red=14 day, yellow=30 day, white=50 day
This is a good risk reward trade. But there are some risks as the price failed miserably a few days ago in a steep drop. So we don't want to push our luck and should be comfortable with a profit target near the previous swing highs. Once we get there (if), then we can evaluate what to do depending upon our Pivot indicators' levels. Stay tuned:)
Remember to relax with these trades. We are using stop losses and Daily charts. This means we do not have to get too worked up with anxiety over volatile, intraday price movements. Let the market do its thing and we will do ours...we trade every trade with a plan by using the Pivot Stack indicators to plot our next moves!
*See the Legend below for the Indicator Guide*
IF YOU THINK THIS STUDY HAS VALUE, PLEASE FOLLOW ME AND LIKE THE CHART.
Thank you for your support – I look forward showing you many more studies like this that can help you with your trading.
Indicator Legend:
Daily Pivot Range-DPR (blue/magenta dots) | Weekly Pivot Range-WPR (orange/red dots) | Monthly Pivot Range-MPR (green/black dots)
6 Day Rolling Pivot Range-RPR (lime/yellow dots)
Daily Pivot Moving Averages-DPMA: red=14 day, yellow=30 day, white=50 day
Note
This trade did not go well as we see the market showed no strength after our entry and took out our stop loss. The steep drop from a few days ago is in fact the momentum driver and seems to be a bearish sign. If the price breaks the lows of the past few days this could drop swiftly as you can see the Pivot Stack has shifted to above our current price level. Although the DPMAs are still turned upward this holds less sway than does the price and time factors. This is a potentially decent reversal trade to the downside.
Note
Here is how this market is setting up now:
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.