On August 29 2024 I posted on social media @AidanFX the possible SELL setup. GBPUSD was trading within a range high and range low and the setup chart below clearly showed to watch for a accumulation, manipulation, distribution pattern when tapping to a point of interest zone. The pair did extend above the proposed supply zone on the setup chart but tapped into other key zones above it (bearish breaker block and a higher bearish supply zone) and respected these zones with the accumulation, manipulation, distribution pattern outlined in the setup chart. All this combined with GBPUSD trading below the range high, allowed me to squeeze the SELL/SHORT trigger with confidence.
GBPUSD 15 Minute Chart August 29 2024 (Setup)
GBPUSD 15 Minute Chart August 30 2024
Entered the SELL trade at 1.3193 with stop loss at 1.3208 and on August 30 2024 GBPUSD moved lower to the proposed targets. The sell trade was closed at the 1.3148 (1:3RR target) for +45 pips +3% gain. (Risking 1% on every trade)
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. If you followed me on social media you too could have caught the GBPUSD move lower.
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
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