Here's a good reason to short GBPUSD
SHORT
1. EMAs bearish crossovers
2. Breakout of Support on daily (still pending)
3. Fibonacci extension retest 0.382 & 0.5
4. Bearish Engulfing candle
5. Break and retest on 4h
6. 4h 0.618 retracement on candle wick reaffirming the rejection of ~1.38220 level
7. Clean 4h range until 1.39560 level
8. Weekly candle breakout of previous lower wick - next support is at 1.37062 (potentially price is heading to retest the level or break the lows to form new market structure
9. Daily shift in market structure, LH LL formed
Confirmation candle:
Bearish Engulfing candle on 4h (Breakout)
Reason to not short would be
1. Market structure of GBPUSD IS STILL HH HL
SHORT
1. EMAs bearish crossovers
2. Breakout of Support on daily (still pending)
3. Fibonacci extension retest 0.382 & 0.5
4. Bearish Engulfing candle
5. Break and retest on 4h
6. 4h 0.618 retracement on candle wick reaffirming the rejection of ~1.38220 level
7. Clean 4h range until 1.39560 level
8. Weekly candle breakout of previous lower wick - next support is at 1.37062 (potentially price is heading to retest the level or break the lows to form new market structure
9. Daily shift in market structure, LH LL formed
Confirmation candle:
Bearish Engulfing candle on 4h (Breakout)
Reason to not short would be
1. Market structure of GBPUSD IS STILL HH HL
Trade active:
Bought straight into a flip lol
Trade active:
Price broke down into profit, good time to look for LTF entries
Trade closed: stop reached:
-2%
Hold nothing sacred in search of truth