Here is my second attempt, and dare I say it, the better analysis for a gbpusd short trade. I tried shorting this yesterday @ 1.22 with reasonable immediate success but was stopped out this morning.
In hindsight, I was looking at the lower timeframes too much and not using the bigger picture. Price is now retesting and rejecting the 1.22500 support/resistance zone which is showing as a much strong level compared to 1.22. We have the larger 4hr bearish trendline here and the 0.618 fib retracement level and the 4hr 50ema.
In my opinion, gbpusd is still bearish and this lower high is going to stay strong and price will sell off back down to the previous lows or even new lower lows at 1.20.
This is the trade I should have waited for yesterday and not entered too early. These mistakes happen.
There is an inverted h&s c h1 and neckline has broken and retested it should go up in my view!!
UnknownUnicorn772665
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@SagheerUlShams, Nice, you may be correct. Have you posted the long trade analysis?
AlkalineFX
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Great stuff mate wish you all the best on this trade
UnknownUnicorn772665
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@AlkalineFX, just a simple retail trader analysis ;)
AlkalineFX
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@Charlieab94, Potential liquidity grab, unlucky!
UnknownUnicorn772665
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@AlkalineFX, what is a liquidity grab? haha! sounds a like a buzz word to describe pound gaining strength against the dollar
AlkalineFX
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@Charlieab94, Banks may be taking out people in their short positions to create liquidity for them to short the pair.
UnknownUnicorn772665
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@AlkalineFX, Riiiight, okay then. So all banks are working together on this one gbpusd maniplution trade are they? Or are you suggesting that one single bank trading desk as enough volume to move one of the most heavily traded currency pairs?
AlkalineFX
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@Charlieab94, Remain humble charlie, It will get you further in life.
UnknownUnicorn772665
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@AlkalineFX, Thanks bud, I don't tend to take motivational advice from TradingView.