FX.co ★ Trading plan for GBP/USD on March 9, 2022

Inexperienced traders try to find reversal patterns in strong impulse movements, while experienced players do not resist the main movement and trade in its direction.

This allows you to minimize the risks. Reversal patterns after strong impulses take a very long time, and the probability of updating the lows is always above 80%. The nearest resistance is WCZ 1/4 1.3175-1.3167. A test of this zone can be used to find a sell pattern. The main resistance will be the WCZ 1/2 1.3270-1.3253, which will also require work to find a model to enter a short position.

The daily candle formed on March 7 is impulsive, so any upward movement within its boundaries is a correction. The probability of updating yesterday's low is 80% in the short term.