FX:GBPUSD   British Pound/U.S. Dollar
119 0 3
a year ago
Hello, I am sure many of you are watching Cable. Here's what I see and my reason for a short.
  • Bearish Divergence on Daily Time frame
    Bearish Divergence on 1hr time
    Double Top on 4H time frame holding at a bearish downtrend.
    Also, to note the USD index appears to be moving upward, which would bring this pair down.

    I believe Cable has a possibility of going long, so I am prepared to be stopped out about the 4h trend and look to enter a long position if this happens, but I am biased for another leg downwards to at least 1.536 area and most likely lower to resistance level near 1.52.

    For the trade look for a break of the dotted trend line, then wait for it to retest to fail. Enter and collect pips :)

    *I am not giving away signals, this is just for my trading journal.
a year ago
Comment: Here is the Bearish Divergence on 1HR
snapshot


Daily
snapshot


4HR double top
snapshot


Entry Zone
snapshot
a year ago
Comment: ....And USDindex. I grabbed this chart from anilmangal
snapshot
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