GBPUSD 4 HR chart making an ABC correction wave!!!
Things to be aware of when trading- big picture 4 hour chart to short picture 1 minute chart. On GBPUSD 240 hr, price action is currently making an Elliot ABC correction wave. My opinion, its currently on B-C part of wave up now. Price action did break out of major flag chart pattern downward, currently it is making a retraction up.
What to look for on MARCO/big time frames are: Purple 10 ema is now underneath price action or last 4 hour doji candlestick, so current trend is up. The ceiling or major resistance line is blue line or 1.42000 at this time. Why does price action stop of start at numbers like the 1.42000? Because a major of traders like round numbers with two or three zero's in them. These numbers are called physiological numbers, you need to use them in your trading.
Big trend information is black 50 ema crossed lower then goldline 200 ema, so death cross did happen early this month, so downtrend is major trend. With everyone great success in trading, remember quality trading is best.
What to look for on MARCO/big time frames are: Purple 10 ema is now underneath price action or last 4 hour doji candlestick, so current trend is up. The ceiling or major resistance line is blue line or 1.42000 at this time. Why does price action stop of start at numbers like the 1.42000? Because a major of traders like round numbers with two or three zero's in them. These numbers are called physiological numbers, you need to use them in your trading.
Big trend information is black 50 ema crossed lower then goldline 200 ema, so death cross did happen early this month, so downtrend is major trend. With everyone great success in trading, remember quality trading is best.