Timing is key
Short

G/U 60 Rejections at Median Line & Upper Parallel

FX:GBPUSD   Pound Sterling/U.S. Dollar
326 3 2
This idea shows the following weakness clues;
1. Price left a gap @ larger blue median line after test & retest ( weakness clue )
2. Three rejections of smaller downward RED upper parallel
3. Test & rejection of upper grey parallel.
4. Possible completion of 5 "contracting" pivots
5. ( Not Shown ) A break & pullback "test" of a LARGE fork lower parallel price failure coinciding with P5 Pivot & Blue ML

Special Note: We are at a mini double top @ approx 161250 so it is important to note that if P5 is broken convincingly, sentiment has changed to bullish and price often comes back and touches the blue median line before continuing to the upper parallel.

Sincerely,

TIK
Strong push to the upside clearing the Median Line, Forecast is now the upper light blue parallel

Thanks
TIK
Reply
Timing is key Timing is key
There was a nice little long pullback trade had you read my note below:

"Special Note: We are at a mini double top @ approx 161250 so it is important to note that if P5 is broken convincingly, sentiment has changed to bullish and price often comes back and touches the blue median line before continuing to the upper parallel"

We are now coming back to retest the Asian Lows and the ML Touch, will look at re-entering long at around 161510 should we get a confirmation candle setup, if not, will sit back and observe the price action.

Sincerely,

TIK


+1 Reply
justindanethan Timing is key
Yup, had read it and entered long soon after stop got triggered. Now at a small profit.
Reply
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