YOOOO If you saw my other idea that i posted, i explained why i disappeared last week, but basically ive been dealing with alot of stuff. But now i can safely say that im back!! But lets hop right into the idea shall we,
In this instance of GBPUSD, we can see that the local trend for the pair is downward while the overall trend is upwards. I can see a way that price can travel either direction but the fact that i know that EUR/USD and this pair respectively are correlated to medium degree. That being said, my idea on EUR/USD is more biased to a short position simply because price was breaking down from that high we formed. So thats gonna lead me to believe that this pair is going to continue its push downwards since we are already in that local downtrend.
Of course ill be waiting for price to break down to the low i have marked before maing a move but if we can see some strong moves from the sellers then we can be comfortable in shorting the pair. If we see rejection at the support, we can ride price back to the local high on the 1H chart and wait for a break of the resistance.
If we want to long the pair, we are going to have to wait for price to break the level with strength and possible pull back to retest.
Its all a waiting game, remember to trade safe, trade patient and trade with a purpose.
Thanks fo tuning in and follow me for more ideas daily! Im only getting better as we speak and you guys can be a part of the process with me.
In this instance of GBPUSD, we can see that the local trend for the pair is downward while the overall trend is upwards. I can see a way that price can travel either direction but the fact that i know that EUR/USD and this pair respectively are correlated to medium degree. That being said, my idea on EUR/USD is more biased to a short position simply because price was breaking down from that high we formed. So thats gonna lead me to believe that this pair is going to continue its push downwards since we are already in that local downtrend.
Of course ill be waiting for price to break down to the low i have marked before maing a move but if we can see some strong moves from the sellers then we can be comfortable in shorting the pair. If we see rejection at the support, we can ride price back to the local high on the 1H chart and wait for a break of the resistance.
If we want to long the pair, we are going to have to wait for price to break the level with strength and possible pull back to retest.
Its all a waiting game, remember to trade safe, trade patient and trade with a purpose.
Thanks fo tuning in and follow me for more ideas daily! Im only getting better as we speak and you guys can be a part of the process with me.