moa_trading_journal

GBPUSD - Big Short opportunity almost ready once again

Short
FX:GBPUSD   British Pound / U.S. Dollar
After moving up correctively for several months, now once again a big short opportunity presented it self on GBPUSD . I have marked 1.37000 as a very interesting area to watch for sell position on GU since my previous analysis. We can see that everytime this pair reach this price, its rejected impulsively. This one now is looking very interesting. The price has now reach a very high value area, at the top of multi TF structure ( Rising Wedge , Ascending channel ). It also near has pieced through and breaking back daily inflection point ( double top ) area. To add more confluences this weekly close price forma very nice bearish pinbar with big wick.

In the lower TF, we can see now that the price already rejected very impulsively from the top high value area. Its starting to consolidate a little now in H1 – H4 TF. I will look closely on how the price develop in this area. If the price form some clear bearish contuation structrure,.. I will take the break of the structure as confirmation for more further downside move.

If we look at the bigger picture on HTF structure on how the price develop, we can see that this pair really have massive profit target area,.. there is still so many opportunity that will present it self, and I’m expecting we will finally see some big momentum on this pair for the next few months.

For now, let’s see how will this pair develop, good luck..

Comments

just totally ignore the 2 big bull candles on monthly tf and market structure ok 👍🏻
Reply
@Bryan_E, yap man, cant deny that possibility, but i still think its more likely to go downside right now given the market structure..
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