6B1! This trade idea is built on very simple premises.
Simplicity in trading is what we all strive for. Where possible, we should aim to simplify our strategies rather than complicate them with excessive information—unless the additional inputs add clear, actionable value to the trade thesis. While that holds true in this analysis, for the sake of clarity and simplicity, we’ve chosen not to include volume profile study or levels derived from volume profiling.
Also, don’t forget to check out how our example trade idea in Crude Oil played out—posted earlier this Tuesday.
6B Weekly Time frame:
Key Levels
- Weekly Resistance: 1.3400 – 1.3425
- Daily Double Top: 1.3425
- April 21 Mid: 1.3350
- April 2025 Developing Mid: 1.3067
Scenario 1: Break and Continuation
In this scenario, we anticipate further upside in 6B futures and GBPUSD. A break above the double top at 1.3425 could lead to a push toward 1.3550. Look for confirmation across other FX futures and signs of Dollar weakening to support this thesis.
Example Trade Idea 1:
- Entry: 1.3425 (wait for an hourly candle to close above the double top, then enter on the pullback)
- Stop: 1.3350
- Target: 1.3550
- Risk: 75 ticks
- Reward: 125 ticks
- Risk/Reward Ratio: 1.7 R
Scenario 2: Swing Failure on Weekly Timeframe
Zooming out to the weekly timeframe, 1.3425 aligns with a potential swing failure at prior resistance near 1.3423. A pullback from this level could provide a short opportunity. Watch for Dollar strength and pullbacks in 6E and 6J to further support this thesis.
Example Trade Idea 2:
- Entry: 1.3350 (wait for sellers to regain control at Monday’s mid)
- Stop: 1.3425
- Target: 1.3067
- Risk: 75 ticks
- Reward: 283 ticks
- Risk/Reward Ratio: 3.7 R
Important Notes:
These are example trade ideas provided strictly for educational purposes and should not be considered trade recommendations.
Traders are encouraged to perform their own independent analysis and thorough preparation before entering any positions.
Please note: Stop losses are not guaranteed to execute at specified levels. Actual losses may exceed predetermined stop amounts.
EdgeClear
P: 773.832.8320 | TF: 844-TRADE20
Derivatives trading involves a substantial risk of loss and is not suitable for all investors. Past performance is not indicative of future results. The views expressed are opinions, not financial advice.
P: 773.832.8320 | TF: 844-TRADE20
Derivatives trading involves a substantial risk of loss and is not suitable for all investors. Past performance is not indicative of future results. The views expressed are opinions, not financial advice.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
EdgeClear
P: 773.832.8320 | TF: 844-TRADE20
Derivatives trading involves a substantial risk of loss and is not suitable for all investors. Past performance is not indicative of future results. The views expressed are opinions, not financial advice.
P: 773.832.8320 | TF: 844-TRADE20
Derivatives trading involves a substantial risk of loss and is not suitable for all investors. Past performance is not indicative of future results. The views expressed are opinions, not financial advice.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.