Shorting pound is crazy? Let's check price action!
Hey guys,
i know what you may think, probably after one day like this for the pound you wouldn't even consider a shorting possibility. However, patterns are always repeating, and our job, as techincal trader, is to find those patterns and keep trading them.
So here on the daily timeframe on the GBPCHF you can see that the today's rally has brought price up to the completion point of the Gartley pattern and the AB=CD pattern.
This level also lines up with a psychological number, and most likely after today's close we'll be in overbought condition.
All the usual clues are there, the only part missing is a price action signal, that this time should be very strong; be careful when trading against the actual trend.
I'm going to pay attention to 4H and 1H chart in order to find a trading opportunity.
I'll keep you updated.
If you want to share your view, or simply ask questions, feel free to comment below.
Otherwise, see you in the next chart!
i know what you may think, probably after one day like this for the pound you wouldn't even consider a shorting possibility. However, patterns are always repeating, and our job, as techincal trader, is to find those patterns and keep trading them.
So here on the daily timeframe on the GBPCHF you can see that the today's rally has brought price up to the completion point of the Gartley pattern and the AB=CD pattern.
This level also lines up with a psychological number, and most likely after today's close we'll be in overbought condition.
All the usual clues are there, the only part missing is a price action signal, that this time should be very strong; be careful when trading against the actual trend.
I'm going to pay attention to 4H and 1H chart in order to find a trading opportunity.
I'll keep you updated.
If you want to share your view, or simply ask questions, feel free to comment below.
Otherwise, see you in the next chart!
Comment:
Cypher as entry reason:
