MarcPMarkets

GBPUSD: Minor Resistance Zone Not Affecting Buyers. Yet?

OANDA:GBPUSD   British Pound / U.S. Dollar
GBPUSD             update: Momentum is bullish as price is within a minor resistance zone between 1.4138 and 1.4184. At the moment there is no selling activity which means it is likely to continue higher.

For those of you who don't know, we cover many markets at S.C. Forex is one such market and a technical perspective is published frequently there. What I am presenting here is an example.

With the bullish trend line far from beyond compromised, price is more likely to reach the 1.4301 reversal zone boundary. Forex is a market that I trade both long and short, on a day trading and swing trading basis. This means that IF price action establishes a clear reversal pattern near the 1.4301 area, I will be open to looking for shorts, even in the face of a generally bullish trend .

The key to navigating markets like these is having realistic expectations that are relative to market structure, not random opinions or feelings. If price never produces the bearish signs that I would look for, then I stay out and wait for the next setup.

I share this perspective frequently on S.C., You will see updates to this perspective and any trade calls there.

Comments and questions welcome (PM for response).
Marc Principato, CMT |Author: Analyze Any Financial Market Like The Pros Using Price Action| http://www.Priceactiontraders.net | Cofounder http://www.seekingcryptos.com (S.C.)





Hello man, what do you think about this? :)
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I like your chart,and I have followed you. I hope you can Follow Me at the same time.
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Great analysis... can you please update gold or Eurusd setup..?
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