🤔 Full chart analysis on GBPUSD and trade idea review.

Full-time trader here. Welcome to follow + like for more insights.

Understanding the charts and price action can help you in your next trade. Posted this chart below on September 11th, 2AM EST. But it got taken down because I accidentally forgot my watermark on there. My mistake.

https://imgur.com/jODq6a5.png

Below was my explanation as well:

"You can see where shorts entered a few times at the retests of trendlines. The first green TL was a mini indication of rejection, then this turned into a steeper TL (blue).

Bulls have to regain control of the resistance @ 1.25332. That would be my ideal entry."

https://imgur.com/r8UHgnk.png

Now, a week later we can review what happened.

1. The price moved up above 1.25332 as expected. But it didn't stay there. It produced what's called a "fakeout", and right back down under. That's when a trader usually looks for a short on retest of 1.25332.
   
2. You can see it approached again, enabling entry for a short.
   
3. On that short, a potential of +123 pips was achievable, assuming you took profits at support and weren't greedy.
   

If this helped you in any way, please follow and like to show your support. Thank you!

GBPUSD