GBPUSD Buy Idea
Confluence #1:Overall Trend
-Price is currently in an uptrend so we will only be looking for buys
Confluence #2: Law of Supply and Demand
-Price has left the indecision zone and we will be waiting for price to reach the demand zone
Confluence #3: Law of Supply and Demand (Continued)
-When price reaches the demand zone, we are start looking for entries around the institutional level where banks are looking to take buy orders which is why all entries and exits are at .200 levels.
Confluence #4: Fibonacci Retracement
-We pulled the fib from the previous high to the current low and when using the fib we look to take entries at the golden zone which can be found between the 50%~61.7% levels. In that same area is the institutional level where we planned on taking an entry. Being that they are around the same area this strengthens our current bias.
Confluence #5: Relative Strength Indicator
The rsi is at the 50% zone and we will wait for it to reach the 30% level , which would be the oversold level, meaning we should be looking for a change in trend.
Confluence #6: Break and Retest
Once price hits the demand zone we will wait for price to break and retest to confirm the change in trend and we will be ready to enter and hold the trade.
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Our first target is always 50 pips or a return to the indecision zone. Stop loss was placed below the 79% level at 13 pips. This makes for a risk to reward ratio of 3.85:1.
The Second Target is at the institutional level or at the next .200 price level which is 80 pips.
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Stay patient and use correct risk management.
Please like and comment as you see fit
#WakeUpInProfit
-Price is currently in an uptrend so we will only be looking for buys
Confluence #2: Law of Supply and Demand
-Price has left the indecision zone and we will be waiting for price to reach the demand zone
Confluence #3: Law of Supply and Demand (Continued)
-When price reaches the demand zone, we are start looking for entries around the institutional level where banks are looking to take buy orders which is why all entries and exits are at .200 levels.
Confluence #4: Fibonacci Retracement
-We pulled the fib from the previous high to the current low and when using the fib we look to take entries at the golden zone which can be found between the 50%~61.7% levels. In that same area is the institutional level where we planned on taking an entry. Being that they are around the same area this strengthens our current bias.
Confluence #5: Relative Strength Indicator
The rsi is at the 50% zone and we will wait for it to reach the 30% level , which would be the oversold level, meaning we should be looking for a change in trend.
Confluence #6: Break and Retest
Once price hits the demand zone we will wait for price to break and retest to confirm the change in trend and we will be ready to enter and hold the trade.
-
Our first target is always 50 pips or a return to the indecision zone. Stop loss was placed below the 79% level at 13 pips. This makes for a risk to reward ratio of 3.85:1.
The Second Target is at the institutional level or at the next .200 price level which is 80 pips.
-
Stay patient and use correct risk management.
Please like and comment as you see fit
#WakeUpInProfit
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.
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.