EURGBP - A deeper look on the lower timeframe
Here's the chart I've posted about the Short in this pair.
With this chart, I want to give a more in-depth view on the hourly chart, although I only manage my trades in the original chart.
You see the Blocks (orange & red).
These are very often important structures. They have their merit, and we can get useful information from them, supporting our decisions in trading.
The downsloping yellow Fork shows us the most probable path of price.
Now, price reached the CL already.
Then a decent pullback, leaving structure (red Block) on the chart.
After reaching the U-MLH, price got a natural rejection (price is stretched) and then released it's energy to the downside (pink WideRangeBar).
Of course, it must pull-back, just to take out the weak hands, sametime running into the next structure - the red Block.
From here we will see a important decision playing out - Bears vs. Bulls.
Keep in mind that the really important part plays on the higher timeframe. So this is just a more insight into the playground of the madness §8-)
P!
With this chart, I want to give a more in-depth view on the hourly chart, although I only manage my trades in the original chart.
You see the Blocks (orange & red).
These are very often important structures. They have their merit, and we can get useful information from them, supporting our decisions in trading.
The downsloping yellow Fork shows us the most probable path of price.
Now, price reached the CL already.
Then a decent pullback, leaving structure (red Block) on the chart.
After reaching the U-MLH, price got a natural rejection (price is stretched) and then released it's energy to the downside (pink WideRangeBar).
Of course, it must pull-back, just to take out the weak hands, sametime running into the next structure - the red Block.
From here we will see a important decision playing out - Bears vs. Bulls.
Keep in mind that the really important part plays on the higher timeframe. So this is just a more insight into the playground of the madness §8-)
P!
Watch how this looks on the daily.
The very low close should tell a story to us. To me this looks like a washout of the shorts with too tight stops.
If price falls back into the Fork, then chances are super high that we reach the Centerline. For now I'm in the market with a little position. Let's see if we can load the Boat a little more...
P!