GBPUSD - What clean moves we have had.
When it comes to trading and you don't understand what's going on go through higher time frames and concentrate on the levels and then go through more in depth technical approach the shorter the time frames you go into or having few bad runs - take a day or two off and come back refreshed.
I've been selling this pair since 1.31200 areas. Now is a key area to be looking at - Why? Let me explain further...!
Technical terms: We have a bear flag forming - it's having a pull back as this current time - But question yourself for me if this pull back goes extending further towards lower ends of 1.31010 areas. Could be a fake break out! I will be thinking perhaps bulls are back in control and will be looking at the price action to keep an eye on. However, if this pull back validates and we have further weakness bears are still in control under 1.30150 area. You could measure the bear flag which reach towards areas of: 1.29558. You could even put: EMA's, Fib Retracement, or Elliott wave. Either direction - With my analysis, I keep a non-bias approach.
Keep in mind - The beautiful pull back we had in precious metals, 10 yr/5 yr T notes and DXY.
Just a trade idea, not a recommendation.
All the best,
Trade Journal.
When it comes to trading and you don't understand what's going on go through higher time frames and concentrate on the levels and then go through more in depth technical approach the shorter the time frames you go into or having few bad runs - take a day or two off and come back refreshed.
I've been selling this pair since 1.31200 areas. Now is a key area to be looking at - Why? Let me explain further...!
Technical terms: We have a bear flag forming - it's having a pull back as this current time - But question yourself for me if this pull back goes extending further towards lower ends of 1.31010 areas. Could be a fake break out! I will be thinking perhaps bulls are back in control and will be looking at the price action to keep an eye on. However, if this pull back validates and we have further weakness bears are still in control under 1.30150 area. You could measure the bear flag which reach towards areas of: 1.29558. You could even put: EMA's, Fib Retracement, or Elliott wave. Either direction - With my analysis, I keep a non-bias approach.
Keep in mind - The beautiful pull back we had in precious metals, 10 yr/5 yr T notes and DXY.
Just a trade idea, not a recommendation.
All the best,
Trade Journal.