On August 9 2024 I posted on social media @AidanFX the BUY setup ” GBPUSD Bought at 1.2768 Stop Loss at 1.2664 Target 1.2976-1.3080 area” I also posted the Daily chart explaining the pair tapped into a bullish zone (Blue demand zone) where price reacted with a bounce higher. Added confluence was the bullish price and indicator divergence pattern forming in the bullish demand zone. All this combined allowed me to squeeze the BUY/LONG trigger with confidence and also adding another buy position with same confidence.
GBPUSD Daily Chart August 9 2024 (1st Entry <Green>)
GBPUSD Daily Chart August 14 2024 (2nd BUY Setup)
GBPUSD Daily Chart August 15 2024 (2nd BUY Entry <Purple>)
GBPUSD Daily Chart August 21 2024 (All Targets Hit)
Entered the 1st BUY trade (Green) at 1.2768 with stop loss at 1.2664. Entered the 2nd BUY trade (Purple) at 1.2808 with stop loss at 1.2778. On August 21 2024 GBPUSD moved higher to the proposed targets. The 1st entry 1:3RR target at 1.3080 and the 2nd entry 1:9RR target at 1.3078 hits and is where I closed both buy trades for total of +582 pips +12% gain combined. (Risked 1% on 1st BUY trade Green and risked 1% on 2nd BUY trade Purple)
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 higher.
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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