On May 22 2024 I posted on social media @AidanFX the GBPUSD SELL setup chart. The pair was trading in a range zone with 1 hour and 15 minute supply/sell zones above the equilibrium level. Chart illustrated for traders to wait for price to tap these zones before squeezing the sell trigger. Pending SELL order was placed at 1.2735 with stop loss set at 1.2750.
GBPUSD 15 Minute Chart May 22 2024 (Setup)
GBPUSD 15 Minute Chart May 23 2024 (Targets HIT / Trade Closed)
Pending sell order triggered on May 23 2024 at 1.2735 with a 15 pip stop loss at 1.2750. GBPUSD moved lower to the proposed targets. On May 23 2024 1:3RR target at 1.2690 hits and is where I closed the sell trade for +45 pips and a +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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