Looking to short GbpUsd after a nice retracement done on the weekly time frame.
- After a nice bullish pull up, price began to range on the daily forming a double top on the 4 hour which is a bearish signal pattern. Both tops rejected from the 200MA
- price fell after double top and then did another retracement with a wick touching the 61.8 level and struggling to pass resistance at the 50MA and my 55MA
- Sells expected to continue as the target for the double top is not yet fulfilled.
- With a weak Usd but also weak pound , price ranging at the moment.. will wait for price to fall below Hourly support at 1.22215 before engaging in a sell position
- Added confluence can be seen with a stochastics in the overbought region on the 4 hour
- Looking for a target area around support at 1.21095
- If price goes up and breaks and closes above current resistance at 1.22643 will observe till the 78.6 fib level at 1.23587 before deciding to go long
- After a nice bullish pull up, price began to range on the daily forming a double top on the 4 hour which is a bearish signal pattern. Both tops rejected from the 200MA
- price fell after double top and then did another retracement with a wick touching the 61.8 level and struggling to pass resistance at the 50MA and my 55MA
- Sells expected to continue as the target for the double top is not yet fulfilled.
- With a weak Usd but also weak pound , price ranging at the moment.. will wait for price to fall below Hourly support at 1.22215 before engaging in a sell position
- Added confluence can be seen with a stochastics in the overbought region on the 4 hour
- Looking for a target area around support at 1.21095
- If price goes up and breaks and closes above current resistance at 1.22643 will observe till the 78.6 fib level at 1.23587 before deciding to go long
Comment:
- Sell idea is no longer valid - All positions closed
Trade closed manually:
NO longer valid - closed
- Price retesting counter trend line. If daily candle closes above, will close position