|
Re: Gbp/usd
The trade setup was sent out just after the NY open Price was testing the initial Value Level 2.0450 and went up to 2.0500. There were a few chances at that trade before it went down during the Asian session and hit the second Value Level area of 2.0400 and came back up to the 2.0450 area. As you pointed out, support does turn into resistance many times but only when the conditions are right.
2.0500 could still act as a strong resistance but because of where we are at with these Value Levels I think it'll break. If not, that's ok too, because the long from the 2.0400 area is a free trade now.
It's important to note that these Value Levels target key turning points in the market and are extremely accurate. They usually pull in 100 plus pips. If it's a trend trade then you can let them work and you can get several hundred pips. Pay close attention to these levels and learn to trade around them.
|