GBPUSD 450 Pips Box ~ forex market news in hindi
I have said it several times in my previous posts, it is always helpful to have the bigger picture in mind when trading.
For the past 10 weeks the cable has been trading withing a 450 pips range. For 11 weeks, it has been Bull+Bear+Bull+Bear, etc, the only exception being last week and this week which is currently Bull+Bull. If the pattern is to continue this weeks candle might end up being a bear. The pair has thus create a 450 pips concrete zone. This a strong manifestation of consolidation between 1.60000 and 1.64000, the middle of the zone is somewhere around 1.62000. To break out of this zone, a weekly candle need to open and close.
How do you trade concrete zone? Short as near as possible to the top of the zone and go long as near as possible to the base of the concrete zone using H4 candle as guide and M15 for the best entry. As for stop loss, set them outside the zone (It can as low as 3 pips or as high as 50 pips depending on your risk appetite). A false breakout outside the zone of about 50 pips is possible. Trading this way, you avoid chasing every price movement. It is most profitable and less stressful to have the bigger picture in mind.
I attach the weekly, daily and H4 charts clearly illustrating the above analysis.
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