GBPUSD (Update)_3rd Week of Feb 2022
What information can we derived on GBPUSD daily chart?
1. Price rejected few times at the structural level (grey box) which happened to be at 61.8% fib level
2. Last Friday the price closed in indecision movement (doji candle)
3. The only bearish confirmation when the price break below the trendline and structural level (yellow box)
Overall bias = Bearish
Using simple entry technique
Step 1:
Waiting for the price to break below the correction trendline
Step 2:
Waiting for the price to break below the structural level (best if price retest to the broken level)
Step 3:
Entry point after 2 items above has fully satisfied with SL above the highest candle. Use any indicator that suits you
1. Price rejected few times at the structural level (grey box) which happened to be at 61.8% fib level
2. Last Friday the price closed in indecision movement (doji candle)
3. The only bearish confirmation when the price break below the trendline and structural level (yellow box)
Overall bias = Bearish
Using simple entry technique
Step 1:
Waiting for the price to break below the correction trendline
Step 2:
Waiting for the price to break below the structural level (best if price retest to the broken level)
Step 3:
Entry point after 2 items above has fully satisfied with SL above the highest candle. Use any indicator that suits you
