GBPUSD EMA + MACD analysis 11/10/2020
Current situation on H4
it seems like in the H4 timeframe it has met a resistance. But on my EMA it is still a bullish crossover, so I will not be looking to short as i am a trend trader, only following the trend.
When will I take my long trade?
I am going to wait for price on H4 to reject current resistance and show me a clear sign of rejection first. When price moves into my EMA green bubble, I will await for a MACD cross and then go into 30min / 1h to take my buy trade. expecting a 50-80pips trade.
Possibilities for long position to fail
If price breaks below green EMA bubble, and 200 ema with a solid red candle , I will not take any long trade on GBPUSD.
it seems like in the H4 timeframe it has met a resistance. But on my EMA it is still a bullish crossover, so I will not be looking to short as i am a trend trader, only following the trend.
When will I take my long trade?
I am going to wait for price on H4 to reject current resistance and show me a clear sign of rejection first. When price moves into my EMA green bubble, I will await for a MACD cross and then go into 30min / 1h to take my buy trade. expecting a 50-80pips trade.
Possibilities for long position to fail
If price breaks below green EMA bubble, and 200 ema with a solid red candle , I will not take any long trade on GBPUSD.