PriceActionTrading
Short

GBPUSD EXHAUSTION MOVE?

FX:GBPUSD   British Pound/U.S. Dollar
235 18 9
GBPUSD             HAS MOVED A LOT HIGHER BASE ON FUNDAMENTAL REASON.
I AM NOT A FUNDAMENTALS TRADER SO I WILL NOT GO INTO DETAIL OF THE BOE NEWS.

BUT THIS IS MY TAKE ON GBPUSD             . THIS IS AN EXHAUSTION MOVE.
I HAVE SELL SIGNALS FOR NZDUSD             EURUSD             . MY CORRELATION ANALYSIS TELLS ME THAT GBPUSD             COULD BE FACING A 100PIPS+ DECLINE 24 HOURS - 48 HOURS FROM NOW.

CONFLUENCE FOR THIS TRADE
RSI DIVERGENCE
D1 50SMA RESISTANCE (IT DID NOT CLOSE ABOVE IT, IT CLOSED EXACTLY NEAR IT MAKING IT A PERFECT REJECTION)


OF COURSE, THIS IS ONLY MY TAKE ON THIS. DO YOUR OWN ANALYSIS. THIS IS QUITE A CONTRARIAN TRADE. ONCE PRICE BREAKS 1.500 IT WILL BE A DOWNWARD TUMBLE AND IT WILL FORM A 2 BAR REVERSAL ON THE D1 (POSSIBLE A BEARISH ENGULFING D1).

SUBSCRIBE LIKE AND COMMENT MY IDEAS IF YOU AGREE OR DISAGREE.
STOPPED OUT. GBP TOO STRONG.
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Price closed above 50SMA on the D1. Lol. Keep your stop tight. We may be in for a ride on this one. Another D1 close above 1.5000 and 50SMA D1 will invalidate this trade. Will exit trade regardless of whether SL is hit or not.
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Sold again at 1.5050. With even better risk reward.
But of course i could be stopped out but could never resist such a good risk reward.
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Great stuff as always. Thank you!
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Thanks.
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Dear PriceActionTrading Sir/madam, I have been reading your posts for some time now and they are really helpful. However, when at some point in future, you have time, please share how you learned all this, your thought process that you have developed, and how we can learn the same art.
+1 Reply
Thanks for your feedback. I am not right all the time. I can still be wrong. I usually will write what i feel on my ideas so thank you for reading them. I have roughly 7 years of forex experience. Forex specifically.
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Oh yes. this is a sell now trade.
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IvanLabrie PRO PriceActionTrading
Yes sir!
I'll move stop to BE on cadjpy soon...I switched to 1h trading to capture these moves off exhaustion, since there's really no trend for the time being.
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Thank you sir!
Indeed theres no trend but EURUSD and AUDUSD is secretly selling off these slowly while NZDUSD has just took its first step.
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