J_Graystone
Short

GBPUSD Swing Short

FX:GBPUSD   British Pound / U.S. Dollar
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16
Lots of questions lately from traders looking to use the higher time frame for their trading time frame. The number one key to successful trading is consistency. If you have a job or other distractions that stop you from being in front of your charts when you need to be, then you will lose your edge over time and of course lose money. I recommend that newer traders especially use the higher time frames to avoid this lack of consistency.
Here is an example of a set up I was eyeballing on the GBPUSD .
We have a pull back into the 50 EMA which happens to be that 3300 level (a major level of respected structure).
As we push into that zone, we see the momentum start to decelerate and then market gives us a high test candle.
Stops above the high of the high test and targets at a retest of the low.

Good luck in the market this week guys.

Jason G

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thank you
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Jason, could you please explain in a bit more detail why the constellation mentioned above is such a strong signal? Many thanks in advance, Thomas
+1 Reply
@allanin, We have the market in oscillation, we have a pullback, we have RSI divergence (trend), we have deceleration on the pullback, we have a high test candle wick and we have tested the EMA. Obviously there is a level of technical analysis that must be understood but that's a pretty decent set up! 108 pips. 2%
+1 Reply
allanin J_Graystone
@J_Graystone, many thanks. You are fully right that there is a level of technical things to be understood and maybe I need to learn. I took 117 pips what is great but I want see such set up on my own. Many thanks again.
+1 Reply
Can You please explain short position and bullish divergence? My analysis also brings me conclusion that I should be short, but I can not understand RSI divergence?

Thnx,

Petar
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