GBPUSD NY SESSION PLANS (NEUTRAL)For some reason, the beginning of the week has been quite hard to trade, however, since we are snipers that doesnt concern us as we will just wait for the price to enter the exact setup and then we can execute. Now lets get on with the analysis:
As we can see, price is relatively sideways for the early week, however i feel today we will see a bit more structured trades and its our job to take advantage of those, but only IF we can see the setups clearly and act accordingly. So, im going to start with the more likely before the last;
: The path which bounces from the resistance level of course, for this to be valid of course we need a rejection at the resistance, just be patient before entering because price can shoot up and cut you out easily if your too early. This path is based on the fact that price has been rejected by this level multiple times already, which tells me we have built liquidity up top...
: If price can somehow gain the strength to finally break the top resistance and retest successfully, we can confidently enter a long position and hold to the upper wick last made and go from there. Price was trending upwards before it entered this channel, so thats why i would look for a long...
LAST THOUGHTS: If price continues to play in this channel, im going to start scalping smaller moves on a slightly bigger lot size since there are no structured moves at the moment. If your going to practice this, use proper risk management and set fairly small targets; the idea is to rack the small movements up while we wait for price to gain a little more structure so we can take the bigger moves.
Trade safe Snipers, Precision FX posting to you daily :D
