TomFX13
Short

Potential target 1.5800 -> 1.51080

FX:GBPUSD   British Pound/U.S. Dollar
348 3 3
- Weekly candle shows neutral momentum - A morningstar-like candlesticks pattern, However, the latest candlestick did not close above the 50% of previous Bearish engulfing bar, so it is not a valid morningstar             .

- Bearish reversal daily candle close below daily resistance level , which is also Fibonacci 38.2% retracement level.

- Price pulled back from a newly formed lower low.

Thoughts :
Price may flirt around the resistance level & the falling trendline for sometime now.

Idea :
Look for low risk shorting opportunity in lower time frames later after London open session.
Have similar idea with you.
Reply
TomFX13 PRO
a year ago
Great, However, I haven't seem to find any potential shorting opportunity in lower timeframes, and due to the USD weakening, it is better to stay away until a setup represent itself. It is still too early to short..
Reply
spesfinancial PRO TomFX13
a year ago
Yep. I will wait for the H4 trend being downside, and will look for short on H1 or M15. Patience is great for trading.
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