On January 10 2023 I published an article ” EURGBP : Trading Zones ” where I gave the area on which to look for selling opportunities. In the article I wrote “if price pushes higher to the supply zone (red) then watch possible selling opportunities against 0.8980 stops.”
*I also took the buy trade from the blue Demand Zone and you can read that article here -> EURGBP : Catching the 200 Pip 1:10 Risk/Reward Move Higher
The first chart below was posted in the January 10 2023 EURGBP : Trading Zones article and the following charts after shows the February 20 2023 sell entry near the supply zone and the stop loss and take profit target levels.
EURGBP 4 Hour Chart January 9 2023
EURGBP 4 Hour Chart February 20 2023
SELL trade was entered at 0.8908 with Stop Loss at 0.8948 and looking for move lower towards the light blue Target Zone. Will be watching to take profit if price continues lower and hit the 1:5RR , 1:6RR, 1:7RR targets.
On February 21 2023, EURGBP has already hit the 1:3RR target at 0.8788. Will continue to hold sell position for another extension lower to the remaining targets. Stops have been moved to entry for a risk free trade.
EURGBP 4 Hour Chart February 21 2023
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on social media for updates and questions> @AidanFX
A trader should always have multiple strategies all lined up before entering a trade. Never trade off one simple strategy. When multiple strategies all line up it allows a trader to see a clearer trade setup.
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