Dear fellas:
As we rode this magnificent wild horse called GJ to the upside this monday, I believe it's time for us to jump off the horse. Of course, it doesn't mean that we are not going to ride it all the way down.
We have some reasons why we can believe that this trade might play out:
- Weekly has made a pin bar. Although it's a bullish candle (I mean, it's green...), we got rejected from a beautiful 150ish strong psychological zone... Although we might even go back there to test it again, 4HR chart is showing me another outcome.
- Weekly has also made a good bull push towards that mentioned zone, without barely a liquidity grab (on the weekly chart, of course). It might means also that price will possibly take a breath this time.
- Monthly - this year's monthly chart has been showing a lot of bearish pressure and market structure, which tells me that this up push might be only a wick formation - liquidity push. REMEMBER: MIGHT BE.
- This month has also shown how strong GBP is, due to brexit talks and economic indicators. But, considering the 4HR and the reasons mentioned above, I am looking for a retracement trade. Period. Scalp to day trade maybe.
- Daily made a beautiful engulfing bearish candle on friday, which showed me that price might not be that ready to go further up, without grabing some orders at the downside. Monday's candle showed me bull power, but not that strength, which makes me go to the 4 HR chart:
- Finally, the 4HR chart is making some nice things, like:
- It's reached a resistance and it's playing there;
- it started to show some wicks, which means, rejections, at this minor resistance... it shows as that price is not sustaining that area;
- for pattern traders, we're forming the so called "Head and Shoulders" (for your knowledge, patterns and wick patterns have reason to be formed that way. So do yourself a favor and don't just learn the names of the patterns and what action you should take... try to understand, with price action and market structure, why that pattern means sell or buy. You'll make a great deal for yourself as a trader by doing that, trust me);
So, If price starts to show a little bit more of rejections or bear candle in that area, specially in the 4HR and 1HR, I'm taking sells (actually I've already taken a small risk and half position one). If it doesn't, then it means that the bullish trend is likely to resume and we should start to look for buys... in a support, please. Remember: IF..
Love you, peace.
As we rode this magnificent wild horse called GJ to the upside this monday, I believe it's time for us to jump off the horse. Of course, it doesn't mean that we are not going to ride it all the way down.
We have some reasons why we can believe that this trade might play out:
- Weekly has made a pin bar. Although it's a bullish candle (I mean, it's green...), we got rejected from a beautiful 150ish strong psychological zone... Although we might even go back there to test it again, 4HR chart is showing me another outcome.
- Weekly has also made a good bull push towards that mentioned zone, without barely a liquidity grab (on the weekly chart, of course). It might means also that price will possibly take a breath this time.
- Monthly - this year's monthly chart has been showing a lot of bearish pressure and market structure, which tells me that this up push might be only a wick formation - liquidity push. REMEMBER: MIGHT BE.
- This month has also shown how strong GBP is, due to brexit talks and economic indicators. But, considering the 4HR and the reasons mentioned above, I am looking for a retracement trade. Period. Scalp to day trade maybe.
- Daily made a beautiful engulfing bearish candle on friday, which showed me that price might not be that ready to go further up, without grabing some orders at the downside. Monday's candle showed me bull power, but not that strength, which makes me go to the 4 HR chart:
- Finally, the 4HR chart is making some nice things, like:
- It's reached a resistance and it's playing there;
- it started to show some wicks, which means, rejections, at this minor resistance... it shows as that price is not sustaining that area;
- for pattern traders, we're forming the so called "Head and Shoulders" (for your knowledge, patterns and wick patterns have reason to be formed that way. So do yourself a favor and don't just learn the names of the patterns and what action you should take... try to understand, with price action and market structure, why that pattern means sell or buy. You'll make a great deal for yourself as a trader by doing that, trust me);
So, If price starts to show a little bit more of rejections or bear candle in that area, specially in the 4HR and 1HR, I'm taking sells (actually I've already taken a small risk and half position one). If it doesn't, then it means that the bullish trend is likely to resume and we should start to look for buys... in a support, please. Remember: IF..
Love you, peace.
Comment:
no price action, no trade so far... let's see
Order cancelled:
No trade at all my friends... a pit. let's see if we hunt a rejection on that resistance. AGAIN: IF PRICE ACTION DOESN'T SHOW IT, THERE'S NO TRADE, OK ?
Trade active:
Well, It might be starting to show that rejection... Let's wait and see if it plays out. WAIT AND SEE. The secret of being a succesful trader.
Trade active:
hunnnnn
Order cancelled:
Yeah, trade really didn't happen.