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.
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.