Waiting for a retracement back to 1.2523 as long as it doesn't break and close above the recent high, it will be a good consideration for a shorting opportunity.
If the market head back down to Point D, with an RSI Divergence I will head into the Type2 Bullish Bat Pattern trading opportunity.
I've been looking at GBPUSD from a Wyckoff Standpoint. Looks like we could be entering an accumulation phase. But my question is what is going on with the massive buying volume and small buying candle?
RaynLim
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@Tedzily, Hi Tedzily, I don't trade using the volume indicator. Volume trading is interesting but you do know that Forex does not have a centralised clearing broker or institute, don't see if this indicator will be effective, and that's my personal take.
BodiesXWix
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@RaynLim, Thanks for the input. I use price and volume because they are the only two live indicators. All other indicators are lagging. It's a Wyckoff method strategy thing. But all of that aside, I expect GBPUSD will short at market open.