Short Trade scenario for GBPUSD
Simple trading analysis based on price action with the help of Renko chart, RSI indicator, and OBV indicator.
Story - The price has broken the UP trend line, so it makes it obvious for us to search for SELL trade opportunities.
SELL Signals
1. Break of UP trend line 4H chart
2. Red bricks on Renko 4H chart are forming
3. OBV Renko chart is down.
4. Price is consolidating sideways on 1H chart, which indicates a continuation of preview movement, or the down break.
Entry 1 - Aggressive entry on the break of the consolidation
SL - Middle of consolidation rectangle
TP - 3RR at 1.19500 level
Entry 2 - Price will make a correction to retest 1.2300 Level
SL - Above candle wick from the break of the trend line
TP - 4.5RR at 1.19500 Level
Don't Stumble Trading. Trade Safe!
Story - The price has broken the UP trend line, so it makes it obvious for us to search for SELL trade opportunities.
SELL Signals
1. Break of UP trend line 4H chart
2. Red bricks on Renko 4H chart are forming
3. OBV Renko chart is down.
4. Price is consolidating sideways on 1H chart, which indicates a continuation of preview movement, or the down break.
Entry 1 - Aggressive entry on the break of the consolidation
SL - Middle of consolidation rectangle
TP - 3RR at 1.19500 level
Entry 2 - Price will make a correction to retest 1.2300 Level
SL - Above candle wick from the break of the trend line
TP - 4.5RR at 1.19500 Level
Don't Stumble Trading. Trade Safe!