The GBPUSD pair has been on a down trend since July of 2023. As the saying goes, trade with the trend and not against it.
SELL Trade Setup
1. Price entered the 15 minute supply zone signalling area where sellers are waiting to push price lower. (Red)
2. Price breaks below internal structure higher low (Black Line/ChoCh-Change of Character) signalling bullish weakness and a bearish market shift.
3. Bearish Wyckoff distribution schematic (Black Labels) terminating in the supply zone.
4. Price taps the 2nd supply zone and reacts with a move lower signalling rejection (LPSY-Last point of supply). SELLS triggered.
GBPUSD 5 Minute Chart September 13 2023
Sell trade entered at 1.24934 with a 10 pip Stop Loss at 1.25034 and on September 13 2023 GBPUSD moved lower to the proposed 1:4 Risk/Reward target where trade was closed at 1.24534 for +40 pips. (4% 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. 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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