TerryHarmonicTrading
Short

GBPUSD hits top of daily channel, waiting for bearish setup

FX:GBPUSD   British Pound / U.S. Dollar
This is an update to my GBPUSD             analysis I talked about last week.

GBPUSD             has hit top of daily channel with excessive volume (See daily chart ).

This likely suggests that buyers could have cashed out since price has not moved up for the past 2 days.

I see this formation as being weak and I will be looking for short opportunities above 1.3570.

What I will look out for?

1. Weak break out above last week high on LOW volume
2. Mid to high volume bar, high spread closing on the lows.
3. Will enter upon completion of 2)
4. Will target low of channel as profit target, risking about 100 pips to make about 500 pips.

Will keep you guys posted.
Trade active: Went in long after FOMC around 1.3490. Hoping for a good ride to 1.3050.
Comment: Bears have won the battle yesterday. Commodities should drop first, but I believe GBP will be next. Do not catch a falling knife. Do check out my GBPAUD short idea for another potential shark sell in the next few trading days.
Comment:

Will be tough for GBPUSD to head higher with the high volume selldown at the top of the ed channel. The path of least resistance should be bear in the upcoming week.
Comment: Bulls and bears still fighting. I'm standing on bear!
Comment: pound is still struggling to fall. Once it really decides to fall, I know it will be a nice big fall!

Still holding on to my shorts from 1.3490.
My stops are at 1.37.
TP will be close to 1.3050.
Comment:

Last week's multiple effort to move GBPUSD higher failed.

Even with excessive (Black) volume, price still did not manage to break above the ED H4 channel it is trading in.

With that high effort and no results, I expect lower prices still for GBPUSD to around 1.3 - 1.31 this week.
Comment: +230 pips and counting
Comment:

Price might bounce up today.

Setup is still safe as long as price continues to trend within ED channel.

Good luck, we are riding on +240 pips of profit, another 200 pips to my eventual target profit.
Comment: 38 pips more before it hits my TP. This is an amazing ride, who is with me? Anyway, tonight is NFP, I might close my trades before NFP. Will keep you guys posted.
Trade closed: target reached: Manually closed this off at 1.3060 before NFP. Contented with 430 pips of profit. Gonna enjoy my weekends.
missed this one Terry... nice call.
Reply
@johnle, thanks man. Which John are you?
Reply
johnle TerryHarmonicTrading
@TerryHarmonicTrading, no,just nickname lol
Reply
Good call!
Reply
@genkumag, thanks man. Appreciate your follow!
Reply
Hi terry,

I def like your work and the way you trade. I have a question. Where can i learn to read volume the way you do ?

Sorry if my english ain't really good i come from France.

Thanks,

Anthony
Reply
@Forexcellent, Hi Anthony, thanks for reading my work. Drop me your email and I will send u something useful on volume.
+3 Reply
good entry. a very high chance for GBPUSD to have corrective down move
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