GBPUSD will Correct Downwards
Multi Timeframe Analysis
Trading philosophy: We don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace on the 38.2%, 50%, 61.8% or 78.6% fibonacci back in the direction of the D1 master trend.
Recommendation:
As the USD strengthens, GBPUSD and several majors will weaken against the dollar
You have two SELL entry points:
1.3980
1.3820
Both are strong numbers where institutional high frequency trading algos may enter bulk orders.
As downtrend looks forthcoming, I’m looking at short opportunities.
Take a Short market order position upon the confluence of valid entry rules on the 4H or 1H chart.
-=ENTRY RULES=-
For SHORT:
4H chart should confirm that the bullish retrace had turned bearish. The MACD should have dropped below zero signifying a bearish environment. Price has dropped below the 10 and 20 EMA. For good measure, check that the 4h and D1 RSI is below the 50 signal line
For LONG:
4H chart should confirm that the bearish retrace had turned bullish. The MACD should have gone above zero signifying a bullish environment. Price had gone above the 10 and 20 EMA. For good measure, check that the 4h and D1 RSI is above the 50 signal line
I publish ideas on this Premium Account : www.tradingview.com/.../TradeassociatesLLC/ Follow me on both channels for updates.
Trading philosophy: We don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace on the 38.2%, 50%, 61.8% or 78.6% fibonacci back in the direction of the D1 master trend.
Recommendation:
As the USD strengthens, GBPUSD and several majors will weaken against the dollar
You have two SELL entry points:
1.3980
1.3820
Both are strong numbers where institutional high frequency trading algos may enter bulk orders.
As downtrend looks forthcoming, I’m looking at short opportunities.
Take a Short market order position upon the confluence of valid entry rules on the 4H or 1H chart.
-=ENTRY RULES=-
For SHORT:
4H chart should confirm that the bullish retrace had turned bearish. The MACD should have dropped below zero signifying a bearish environment. Price has dropped below the 10 and 20 EMA. For good measure, check that the 4h and D1 RSI is below the 50 signal line
For LONG:
4H chart should confirm that the bearish retrace had turned bullish. The MACD should have gone above zero signifying a bullish environment. Price had gone above the 10 and 20 EMA. For good measure, check that the 4h and D1 RSI is above the 50 signal line
I publish ideas on this Premium Account : www.tradingview.com/.../TradeassociatesLLC/ Follow me on both channels for updates.