On August 15 2023 I published an article ” GBPUSD : Trading Zones ” where I gave the area on which to look for selling opportunities. In the article I wrote where to look for sells, stop loss and target levels > “Waiting to sell in the supply zone (grey) 1.2754-1.2819 area with stops above 1.2819 and targeting the demand zone (pink) 1.2555-1.2486 area will offer a good risk to reward trade setup.”
The first chart below was posted in the article and the following chart shows the August 23 2023 sell entry to the target zone.
GBPUSD 4 Hour Chart August 15 2023
GBPUSD 4 Hour Chart August 25 2023
Sell trade entered at 1.2752 with Stop Loss at 1.2802 and on August 25 2023 GBPUSD moved lower to the proposed target at 1.2552 for a +200 pip move and a 1:4 Risk/Reward winning trade. (Risking 1% on every trade)
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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