GBPUSD confluence for a long opportunity
Hey traders, this analysis may come too late but i wnat to give you just for educational purpose, showing you my process of reading a price chart.
As usual, my analysis starts from higher timeframe such as the daily chart, where we can see we are in a bullish trend. Now price is retesting support and we can for this reason search for long opportunities in lower timeframe.
In the 4hr chart we can see we have completed a Bat formation and we put an engulfing candle right at the structure level. In addition we are now at 1.618 extension of the most recent downward move and we're sitting on a psychological number that often gives support to price.
If that was not enough we've just exited an OVERSOLD condition.
All those reasons together make me predict that we will see an upward move.
I've entered the market long at 1,2414 with first target at 1,2482 (stop loss at 1:1RR), second target could line up with bat's second target level.
We'll see.
If you have any question, please don't be shy and comment below.
Otherwise, see you in the next chart!
As usual, my analysis starts from higher timeframe such as the daily chart, where we can see we are in a bullish trend. Now price is retesting support and we can for this reason search for long opportunities in lower timeframe.
In the 4hr chart we can see we have completed a Bat formation and we put an engulfing candle right at the structure level. In addition we are now at 1.618 extension of the most recent downward move and we're sitting on a psychological number that often gives support to price.
If that was not enough we've just exited an OVERSOLD condition.
All those reasons together make me predict that we will see an upward move.
I've entered the market long at 1,2414 with first target at 1,2482 (stop loss at 1:1RR), second target could line up with bat's second target level.
We'll see.
If you have any question, please don't be shy and comment below.
Otherwise, see you in the next chart!
Trade fechado: objetivo atingido:
First target quickly hit for +70 pips! Stop moved to break even. Let's see if we can earn some extra pips!
Trade fechado: objetivo atingido:
Seconda posizione fuori a break even
Trade fechado: objetivo atingido:
Second position out at breakeven