In this week’s post I’m focussing on GBPUSD. This post is more of an exercise for those interested in trading support and resistance.
In my opinion GBPUSD is approaching a very big resistance zone. If price gets there, I will be looking to go short, that is if I see the right price action in terms of candlesticks.
So no pics of charts for this post. Try and see if you can identify the area I’m interested in.
It might not happen this coming week, but if it gets there, watch how the candles reacts. I love doing this whenever I have time. I identify past major support and resistance areas and see how price reacted them and how I would’ve traded it (almost like backtesting).
AUDNZD (last week’s post) never got to the support as it did bounce as I thought it might. That level will still be of interest to me should price get there in the future.
Please, always remember to manage risk. In the markets things can change at any time, no matter how strong your conviction on a trade is, so always bet small and adhere to your stops.
On Ideas: Please don’t take this as trading advise. Please do your own due diligence before entering any trade. Also see Disclaimers.
Thanks for reading.
Thanks and Regards,
Trading SOS SOS