Daily: - Price tested the top of the Kumo, then bounceeód back down again. However I see it less bearish now, more looking like something possibly going wide range neutral. Chikou so far could not cross back below past candles. Tenkan, Kijun and Senkou lines are all flat. This means averages on all tenors stay unchanged. - Tenkan is still above Kijun (both within the Kumo). They stay close to each other, and from them derives a thin future Kumo, making a clear equilibrium level at 1,5275. - Strong resistance is at 1,4980-1,5000 - Heikin Ashi candle today have a smaller body, inside the previous candle's body, no lower low print. haDelta spikes up. -> warning for possible softening bearish bias.
4H: - Ichimoku setup is bearish, but today's price action is strange with no lower low. Important to see the 4H Kumo top is at 1,5285, which is appr the level of the daily equilibrium as mentionned above. - Heikin Ashi candle gives a short term reversal signal, haDelta should confirm with spiking above zero line again.
There is good chance that GBPUSD will correct higher from here. The big question is what the Price action will be if the pair reaches 1,5275-85 again
p.s.: the more I look at separate USD crosses the most I think USD bull is short term stretched.
Comments
Kumowizard
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This trade idea for bottom fishing did not work. Stopped at 1,5020
Krio
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sh*t happens sometimes...
Kumowizard
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indeed. especially when the setup is just so-so, and you run for a bottom fishing. Naturaly these are low probability trades, that's why you have to be very conservative with position sizing in these cases.