Before you continue, we want to make sure you understand that this is a past trade idea found inside The Price Action Club which is a premium Price Action trade signal service. This post is 1 week delayed and this idea is no longer valid but the lesson is still valid. We post this to show you what is inside the Price Action Club. It would be awesome if you join us to learn and to trade our trade ideas. We hope to see you inside the Price Action Club soon. Click here to join us…
Join The Price Action Club Here…
GBPUSD Price Action Analysis – 9th Aug 2017
GBPUSD has been bearish on the H4 chart. The price broke a Daily bullish Trend line and since then the H4 chart has kept making lower lows. As things stand with the pair, the price might make another bearish move from an important level of resistance. Let us have a look at the H4 GBPUSD chart…
GBPUSD Price Action Analysis – 9th Aug 2017
See that massive H4 bearish candle. Then, the price continued to move towards the downside. The level of 1.30200 has the potential to be a flip over resistance. If the H4 candles hold the level and it produces an H4 Engulfing candle, then we would have to wait for a breakout at 1.29510 to take a short entry. Let us have a look at the summary of the trade…
- Sell Stop Order: 1.29500
- Stop Loss Level: 1.30200
- Take Profit Target: 1.28300
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
This trade setup has to be triggered today. There is another bullish Trend line on the Daily chart. Thus, the space for the price will be squeezed to travel towards the downside if it takes too long to produce the entry signal. Although it seems a huge gap between the resistance and breakout level, but H4-GBPUSD sellers have been very active as far as the H4-GBPUSD chart is concerned. Thus, there is a good possibility that we get the desired correction up to the resistance level and then the breakout. However, if it does not get triggered today, we might as well leave the trade setup.
You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.
We hope that you enjoy our Free Forex Trading Signal today: GBPUSD Price Action Analysis – 9th Aug 2017
Join The Price Action Club Here…
The post GBPUSD Price Action Analysis – 9th Aug 2017 appeared first on Advanced Forex Strategies.
from Advanced Forex Strategies
No comments:
Post a Comment