GBPUSD | Informative

GBPUSD

The market is currently ranging and consolidating, preparing for a move. I've learned not to predict market movements but to follow price action instead. Consequently, I've prepared two scenarios: a bullish one and a bearish one. Each scenario includes specific entry and exit points. The entry points are indicated by green and red lines, respectively. For the exit points, I rely on key levels on the chart, some of which are monthly and others yearly, making them highly reliable. I aim to execute a single trade, exiting once my target is reached, and then I look for the next opportunity.

This is my first Forex chart. I've only recently begun trading, but from what I've observed, the market is highly technical. Fibonacci levels and key levels are very effective, suggesting less manipulation and a more algorithmic approach.