GBPUSD 4-Hour Inverted Head & Shoulders
Hi Traders,
Happy Monday!
Hope you all had a great weekend.
Today we are looking at a possible Inverted Head & Shoulders on the 4-Hour Chart
We have seen nothing but bearish price action for the past month on most FX pairs.
The DXY has been going parabolic
GBP/USD has wicked down to a support level not seen since July 2020.
Is this a good time to buy?
I only enter positions that match my setup, which could be a possible play.
Yes, it is a counter-trend which is not always advisable.
This is why I would only risk a very small position on this as I wouldn’t class this as an A grade Setup.
I am waiting for the price to break and close above that 4 Hour Resistance. If it does this I will be waiting for a possible retrace before potentially taking this pair long with a RR of 1/4
Hope you all have a great week!
See you on the next one,
The Vortex Trader
Happy Monday!
Hope you all had a great weekend.
Today we are looking at a possible Inverted Head & Shoulders on the 4-Hour Chart
We have seen nothing but bearish price action for the past month on most FX pairs.
The DXY has been going parabolic
GBP/USD has wicked down to a support level not seen since July 2020.
Is this a good time to buy?
I only enter positions that match my setup, which could be a possible play.
Yes, it is a counter-trend which is not always advisable.
This is why I would only risk a very small position on this as I wouldn’t class this as an A grade Setup.
I am waiting for the price to break and close above that 4 Hour Resistance. If it does this I will be waiting for a possible retrace before potentially taking this pair long with a RR of 1/4
Hope you all have a great week!
See you on the next one,
The Vortex Trader