infbp22

GBPUSD: Live trading update

Short
OANDA:GBPUSD   British Pound / U.S. Dollar
Hello all,

If you saw my previous chart on GBPUSD , you would know that I am in an active short since the orange line. Here's a quick look into what I'm observing while the trade is active. On the 4hr time frame, we have developed a channel. The current candlestick is a particularly important one:

If we close this candle within the channel, and form a "hammer" style candlestick , it is likely we will see a reversal and push toward the top of the channel again. If the hammer forms, I will close my short temporarily.

However, If we close outside the channel, the candlestick will be much more bearish . It will be the third red candle, creating a three black crows pattern which is very bearish . If this occurs, the short will remain active.

Happy trading!
Comment: Tricky tricky. Is it in yet (thats what she said)
Comment:

Comments