GBPUSD 220 Pips concrete zone ~ instaforex news trading
The Cable is currently forming the left shoulder of H&S on the weekly chart. A set-up which I identified when price was around 1.53500. As long as 1.61000 is not broken this set-up is still valid.
The daily is currently consolidating between 1.58821 and 1.60247, while the concrete zone is 1.60550 and 1.58300 (about 220 pips). Until a daily candle opens and closes outside the box, this zone is still valid.
How do you trade the current set-up? My view is the cable is primed for a fall. In this case follow H4 chart and short anywhere close to the top of the concrete zone, using M15 chart for entry.
Note that it is the big players that determine where they want to take the price. However, the concrete zone trading strategy will expose their intention. The first signal is that daily candle rise or fall within the concrete zone and lose outside it. The next signal is that a daily candle will open and close outside the zone. Then you will know the direction of the big boys.
I attach herewith the daily, h4 and m15 charts in support of the above analyses.
Enjoy your trading!
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