GBPUSD M30 M15 very short term movement: UP

GBPUSD M30 M15 very short term movement: UP       Date: 17 Dec 2019 

Queenie Wu

Trading zone: Consider Support and resistance: 1.33591 – 1.31806  See diagram for the KEY levels shown by the pivot indicators

Strategy: Wave trading between the key support and resistance levels.  Follow the trend direction in the higher timeframe and use the lower timeframe to enter.

M30 Chart: Short term increasing trend just started.  Below Support level3, we are currently at 1.32038, the lowest point of the TMA channel.  The reversal point was at 1.31544

M15 Chart:

We are on a short term increasing trend, currently at 1.32038

Reason to execute trade: at the lowest point of the TMA channel. Much lower than the support level 3 (1.32579).  Reversal is likely to happen in the short term.

Trend direction: use Identify trend indicator: UP in both M30 and M15 charts

Expected direction: UP in short term; reversal up.  Target: TMA channel ceiling

Check reversal point in M30 diagram when we reach the ceiling of the ENV and the magnitude of the candle

Entry point: now BUY at 1.32038

Exit point: H1: We can use the ceiling of TMA Channel and the resistance level 1 to exit at TP1 and TP2.  TP1: 1.33591  TP2: 1.33977

SL: At 1.31478 (the lowest point of previous candle: 1.31544)

 

M30 At the floor of the TMA channel.  Short term expected movement: UP

 

M15 Short term increasing trend just started.   

 

Result: Have to wait.  GBP continues to fall to 1.31355  Check Trend Focus indicator: DOWN.  It is not a good timing to long.