Akil_Stokes
Short

GBPUSD: Bearish TCT

FX:GBPUSD   British Pound/U.S. Dollar
This trade was originally brought to our attention this weekend in Jason Stapleton's Forex Market Preview video "Studying Harmonics" ( https://www.youtube.com/watch?v=SirRW2UwpBw&list=UUe3O5ZLxQzGz4-nfl6XLEHQ ) As I take a look at it today price action (after creating a LLLC) has retested the previous level of support which should now act as resistance.

In addition to the structure level we also have a Fibonacci ratio cluster of retracements and an inversion. Lastly, we have hidden divergence on the RSI which is a sign for trend continuation. Of course when I say a sign, it doesn't mean it will happen everytime, but it's something that we can add to our score when breaking down this trade.

Akil Stokes
Head Currency Trader at Trade Empowered
i really believe this Akil!
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It's a nice level, we'll see if it goes in our favor
+2 Reply
seems it got punched thru, lets see if the next level holds....
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Have patience, remember it's the close of each candle that we need to read. We'll kill ourselves stressing out over all of the action that happens in between. Your comment actually reminded me of a funny video we did a few years ago. i think it's safe to say we've all been here at one point or another https://www.youtube.com/watch?v=gFSzwEJYUPQ&list=PLe39rWQoMe-W0nP35E9BObluC2RfgYhKg
+3 Reply
I hope so ... shall wait and see an opportunity to get involved short ...thanks Akil for analysis
+1 Reply
your welcome
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Keeping it simple. Best way to find entries. I like your chart.
+2 Reply
Thanks you.
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For those of you in the Live training this morning, this pair is now exhibiting a perfect example for a potential to add on to the position if we can get an entry reason and not break & close above our outside return
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with the trend being bearish if we can hold below 1.5683 i am waiting for a double top on the 15 min chart @ 1.5678. Which lines up with an 0.886 retracement.
snapshot
+1 Reply
Akil_Stokes PRO Siyabonga_Ngcobo
That looks like an excellent opportunity to get in. It'll be at a much higher level then from when i got involved
+1 Reply
vikkwest Siyabonga_Ngcobo
Thanks for that, entered @1.5685 and closed @1.5652 for 32 pips profit. Still going down, but I didn't want to get greedy. Great start to the morning so far :)
+1 Reply
well done, and sticking to your plan for targets and not geting greedy is always a good thing
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Akil mate, took a short on channel top, 2 pos. 56768 and 56745. Cheers
snapshot
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nice!
-1 Reply
Bearish from here
GBPUSD short setup
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