BigShouldersTrading

Potential short GBPUSD movement

Short
OANDA:GBPUSD   British Pound / U.S. Dollar
Orange lines - daily wave, classic ABC continuation
Green lines - h1 exhaustion trading levels for the daily C point
Magenta lines - m15 exhaustion trading levels for low time-frame reactions

This was yesterday's setup, waiting for retests of red lines for new trades from this current point (1.4100).
For larger context there is a similar C 0.236 point on the weekly chart - 1.4295.
Comment: Red lines - h1 exhaustion trading levels for the daily C point
Comment: Today's short continuation action is low time frame driven. For shorting the 1.4196 level, we don't suggest going above m15 and even if this is a small winner, this is not the trade we're looking for. Larger positions on larger tfs should be done from higher (red lines or better). Also because of the speedy nature of low tf trading, we will not post low tf trades (m1-m5-m15). Feel free to contact us if low tf trading suits your trading style.
Comment:
For a second shot at this short on a larger frame - this is the hypothetical scenario we would like to see.
Comment:
So far so good. Let's see if we nail this potential C point as well :)
Comment: low tf management point - 1.4110
Comment: Our potential point C failed - nothing to worry about. In fact it was a bit obvious so we posted the 1.4110 m1 triple top as it formed. We embrace being wrong about some turning points because this leads to one of the key questions in trading - when you're wrong about the direction of the current movement, what can YOU do and how can YOU trade to lose the smallest amount possible in that situation? The trading account is what matters - not the trader's ego to be right at all times.

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