GBPUSD - Divergence + 61.8% Retracement + Resistance
Hi Traders!
As you can see the market is in an uptrend.
The market was moving downwards in the past days, after that it started to retrace.
If you use the Fibonacci Retracement Tool, you will see that the market is now at the important
61.8% Level.
This is a strong signal for many traders that the market will continue its previous (down-)trend.
In addition, the MACD Indicator shows as a clear bearish Divergence.
It often means that there is hidden bearish power in an uptrend.
Furthermore, you can see a parallel channel in the chart.
We will use that for our secound entry: If the market breaks the channel downwards, then there is strong momentum to the down side.
Last but not least: The Resistance is a strong factor too.
Our SL is above this Resistance area.
For a better entry we recommend to trade the (downside-) breakout of the channel!
Thanks and good luck :)!
As you can see the market is in an uptrend.
The market was moving downwards in the past days, after that it started to retrace.
If you use the Fibonacci Retracement Tool, you will see that the market is now at the important
61.8% Level.
This is a strong signal for many traders that the market will continue its previous (down-)trend.
In addition, the MACD Indicator shows as a clear bearish Divergence.
It often means that there is hidden bearish power in an uptrend.
Furthermore, you can see a parallel channel in the chart.
We will use that for our secound entry: If the market breaks the channel downwards, then there is strong momentum to the down side.
Last but not least: The Resistance is a strong factor too.
Our SL is above this Resistance area.
For a better entry we recommend to trade the (downside-) breakout of the channel!
Thanks and good luck :)!
Comment:
The red box once again in BIG:
Trade active:
Hey Followers!
The market broke out of the channel and is now retesting it.
Now we're waiting for strong momentum.
If the market turns back again, we will close the trade.
Have a nice day :)
The market broke out of the channel and is now retesting it.
Now we're waiting for strong momentum.
If the market turns back again, we will close the trade.
Have a nice day :)