How to Catch the Last Trend of GBP/USD?
Good morning everyone! We will explain to you how we made a price prediction on GBP/USD before the last bullish momentum was made. First of all, we must clarify that this forecast was 100% real, and you can check it in the related ideas.
🔸Speaking of the daily chart published, here we can see the uptrend that has been in force for more than a year. On February 24, he made the last highs, and from there, he began to consolidate. Finally, on April 19, we saw a clear breakout, a big bullish sign, but our judgment was not enough to make a trade decision.
🔸What we needed was to reduce the timeframe to have a more accurate view of the context.
Let's go to the 4H Chart:
🔸What we were observing was this. There was a solid range that could not be broken, and we argued that we needed a breakout and a retest to seek a bullish position after the rejection in the zone if it happened.
🔸This happened. The price broke out of the range and then returned to the zone to do a retest + new impulse.
Expecting retests after the breakout of zones is a key thing to wait for if you are a breakout trader. This makes us NOT rush to chase the price and forces us to wait for an opportunity with a good risk-benefit ratio.
🔸Speaking of the daily chart published, here we can see the uptrend that has been in force for more than a year. On February 24, he made the last highs, and from there, he began to consolidate. Finally, on April 19, we saw a clear breakout, a big bullish sign, but our judgment was not enough to make a trade decision.
🔸What we needed was to reduce the timeframe to have a more accurate view of the context.
Let's go to the 4H Chart:
🔸What we were observing was this. There was a solid range that could not be broken, and we argued that we needed a breakout and a retest to seek a bullish position after the rejection in the zone if it happened.
🔸This happened. The price broke out of the range and then returned to the zone to do a retest + new impulse.
Expecting retests after the breakout of zones is a key thing to wait for if you are a breakout trader. This makes us NOT rush to chase the price and forces us to wait for an opportunity with a good risk-benefit ratio.
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