On May 5 2023 I posted on social media @AidanFX “ Sold GBPUSD at 1.2605 Stop Loss 1.2620 Target 1.2582 – 1.2575 area.“
Sell Trade Setup
1. Price sweeps the Asia high for a liquidity grab fuelling the sell side.
2. Price breaks below the internal structure higher low (1st MSS Red Line) signalling bearish weakness.
3. After break of 1st MSS line price retraces higher and respects the supply zone/bearish order block (green box) with a reaction lower.
4. Price breaks below the internal structure higher low (2nd MSS Red Line) signalling sellers are taking control. SELL trade is triggered targeting the Asia low.
GBPUSD 5 Minute Chart May 5 2023
Entered the SELL trade at 1.2605 with Stop Loss at 1.2620. GBPUSD moves lower and hits the proposed 1:2 RR target at 1.2575 for +30 pips (+2% 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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