I will begin GBPUSD Chart Analysis for December 11th
This is EURUSD 30m candle chart for yesterday.
Without an adjustment, it went up high. It seems the trend came out strong as it was Tuesday.
We had a chance to enter, however, as the trend was stronger than expected, it could have been very hard to cope with.
Today we have GBPUSD which shows the same route as EURUSD.
When it comes to GBPUSD, as the monthly candle chart has strong trend, uptrend is expected for mid &long term period.
However, we are now at adjustment.
So I brought a strategy according to this.
To briefly summarize,
1. Please check out route A and B with its short position entry timing and price points.
2. In case of route A, check out the first long position entry point. Make sure it does not go down below. When it does, it might follow route B.
Final short position entry point is 1.31761. When the price goes above green parallel resistance line with an additional candle, close your position. / When we reach the above purple “smile face” line, we would get back to the uptrend.
3. If it follows route B, check out short position entry timing at 1.31350 price point. Your stop loss will be located above the green parallel resistance line until it breaks out with an additional candle. I indicated the converging section of green parallel line and orange trend line.
Today, we might see a strong trend if the price breaks either the green parallel resistance line or orange trend line.
Please also refer to the EURUSD(which has the same way) and USDCHF(which has the opposite way) in the midst of time.
Hope you do a good trading, I will come back to you tomorrow at this time.