Good day! Here’s my FX chart analysis for today and I think a good entry strategy can make a good trade out of this one.
GBPUSD keeps price within a recent ranging market structure.
At the 4-hour chart, price has formed multiple rejection candles, doji candles, and inside candles, which indicate that the market makes significant decisions at the structure top and bottom, further strengthening its authority.
Normally, range tops and bottoms are not represented by strict prices. Rather, these levels more like price areas or zones. With that said, you don’t have to be obsessive-compulsive with them.
The latest potential reversal candles that formed are one bearish rejection candle and one inside candle at the 4-hour chart. However, these potential reversal signals are not as strong as the previous ones that struck the range top.
It may be wiser to wait for a stronger sell signal that may even be reinforced by an end-of-day reversal candle at the daily chart.
A bearish swing would have enough breathing room, which can be exploited by entering either a market sell order or retracement sell order (for rejection candles), or a sell stop order below an indecision candle for a breakout entry.