On July 3 2023 I posted on social media @AidanFX ” LONG/BUY GBPUSD at 1.2683 Stop Loss at 1.2673 Target 1.2703 – 1.2713 area.”
BUY Trade Setup
1. RSI indicator and price form a bullish trend continuation divergence pattern. (Black Line)
2. Price breaks above internal structure lower high (Red Line) signalling bearish weakness and a bullish market structure shift (MSS).
3. Price/candlestick action reacts from Demand/Buy zone (Purple Box) signalling rejection lower and triggering BUYS.
GBPUSD 5 Minute Chart July 3 2023
GBPUSD 15 Minute Chart July 4 2023
BUY trade entered at 1.2683 with Stop Loss at 1.2673 and Targets at 1.2703-1.2713. On July 4 2023 GBPUSD moved higher to the proposed targeted area and extended higher to the 1:5 Risk/Reward target where trade was closed at 1.2733 for +50 pips. (5% 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 higher. We at EWF never say we are always right. No market service provider can forecast markets with 100% accuracy. Only thing we at EWF 100%, is that we are RIGHT more than we are WRONG.
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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