Candlestick pattern trading $GBPUSD


The big shadow appears on support and resistance zones, providing us a great high probability reversal or a continuation set up. Two candlesticks make up the big shadow formation, one is smaller and the other is giant.

We have a perfect example of this formation on today rectangle break GBPUSD daily candle. How can you trade this formation.

It is required to place a buy stop just a few pips above today’s close. Stop loss should be placed few pips below today’s GBPUSD candle 1.2280 level. Take profit should be next strong resistance zone around 1.2700 level.

Happy trading! (click on the chart to enlarge it)

gbpusd trend following strategy

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