GBPUSD - How long can you stretch a Cable?
You can always try to stretch stg further, but if for fifth time it refuses to string out more, maybe it means it just can not go that way now.
I have been watching GBPUSD for short for some time now. (please see link to the original idea.)
It seems today it will print the third pin bar at/below 1,6840 key resistance. Despite basic daily Ichimoku setup is still bullish, there is the MACD divergence, and also 4 Hrs support levels came a lot higher by now: 100 WMA is just below current py, Kumo bottom is at 1,6748, while Chikou Span hit the price candle again. Heiken Ashi candles changing quickly, which also means undecision here.
One more interesting note: When Senkou B (orange line, bottom of daily Kumo) is flat for longer time, as a longer term equilibrium it tends to attract the Price to itself. Let's see if it happens this time too.
Cliches: 1. if something can not go up, that will go down (or will move sideaway maybe). 2. What goes up, must come down at some point.
I already lost a lot of time value on my Long Put options I have been holding, but maybe it is time to open outright shorts as well. After bit lower then expected GDPprint today, I already sold some.
Levels to watch: 1,6790 (100 WMA on 4 Hrs) - this is next entry level for shorts.
1,6750 (4 Hrs Kumo bottom)
1,6665 - 1,6680 area (Trend line and Kijun Sen)
Stops can be tight at 1,6852. Price tgt I would say as a range 1,6575-1,6665, as in case it starts to correct finally, it can easily penetrate the trend line and test the Daily Kumo Cloud.
I have been watching GBPUSD for short for some time now. (please see link to the original idea.)
It seems today it will print the third pin bar at/below 1,6840 key resistance. Despite basic daily Ichimoku setup is still bullish, there is the MACD divergence, and also 4 Hrs support levels came a lot higher by now: 100 WMA is just below current py, Kumo bottom is at 1,6748, while Chikou Span hit the price candle again. Heiken Ashi candles changing quickly, which also means undecision here.
One more interesting note: When Senkou B (orange line, bottom of daily Kumo) is flat for longer time, as a longer term equilibrium it tends to attract the Price to itself. Let's see if it happens this time too.
Cliches: 1. if something can not go up, that will go down (or will move sideaway maybe). 2. What goes up, must come down at some point.
I already lost a lot of time value on my Long Put options I have been holding, but maybe it is time to open outright shorts as well. After bit lower then expected GDPprint today, I already sold some.
Levels to watch: 1,6790 (100 WMA on 4 Hrs) - this is next entry level for shorts.
1,6750 (4 Hrs Kumo bottom)
1,6665 - 1,6680 area (Trend line and Kijun Sen)
Stops can be tight at 1,6852. Price tgt I would say as a range 1,6575-1,6665, as in case it starts to correct finally, it can easily penetrate the trend line and test the Daily Kumo Cloud.
