FX:GBPUSD   British Pound / U.S. Dollar
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My last trade got stopped out and due to this i adapted and re evaluated the price action and have reasoning now to believe price is headed lower for this currency pair

First of all, we had a bearish engulfing close below the the daily level of 1.39 and the EMAS crossed over due to this aswell, both on the 4 hour timeframe. This bearish engulfing took out 16 hours of price action. After price closed below the 1.39 level looking on the two hour timeframe we can see price created a shooting star followed by hanging man both patterns treating EMAS as a dynamic resistance. we also have a break of structure on 4hr time frame as price created a new high thats lower than the previous one. Price also broke and retested the 1.39 level

With what price is telling me now i have reason to believe gbpusd is now going to head lower

Nothing in this market is certain you have to be able to adapt and change ur bias. If price is speaking you just listen and don't argue.

Comments

I shouldve stuck with my long bias and not shorted ahahah guess i still got a long way to go
+1 Reply
Rashidyadgary Rashidyadgary
@Rashidyadgary, i got stopped out and believed that price wanted to head down after that but acc i learnt that just because i got stopped out doesnt mean my medium term projection is wrong but rather my entry wasnt good.
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Rashidyadgary george2903
My long analysis still holds, psychology aspect beat my ass for a hot sec ahaha
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