So it's as I suspected, GBPUSD is a dumpster fire .
I'm going to wait for a bounce and see how high it goes before considering a short.
I'm shorting the next rally if the opportunity shows itself.
1.2000 seems to be achievable, let's see what happens.
I'm not the biggest fan of the FX market but this thing looks like it just wants to die.
GBP is staring into oblivion, if it tips over there is a low way down
There or only a few levels holding this thing up. If these levels go then I think things will get bloody and very ugly.
I don't see any set ups at the moment but they will show themselves.
Yesterday's tumble saw a break of a level I've been watching for a while.
How price behaves at the "previous low" will help me determine what the next macro move will be.
Short term I'm still short, if price is going higher it needs to print a higher low. I'm looking for any indication of a bounce but timing will be key.
Usually I would look at structure alone...
It's been a while since my last update. Price hasn't travel much in that time, I slow grind lower insued taking price towards the lower levels.
Price stayed around the level I was looking to short from. Price is still respecting the price points I marked out. The "previous low" has held, price has made multiple wicks off that price level.
Price has done nothing...
This is my go to gauge for movement. Chart looking a little bullish.
If this trend changes that to me says XRP will move more than BTC.
So if BTC pumps XRP will pump harder vs USD, this is true both ways.
If you look at historical movement then you'll see the colleration in movement.
It's one of the tools I use to trade XRP.
In keeping with my short term bearish view I'm short BTC.
First target is the one mid point of my macro range. That will be the point I shave 75% off the position. I have a target slightly lower than that but I'll deal with it when/it we get there.
This move lower could just act as a sweep of all trailing stops, I won't hold it too long. 10k can be attacked again...
This is a clean chart with no makeup, this chart clearly shows an uptrend.
The red arows are the lows, the green are the highs.
Market is bullish until this structure is clearly violated.
There are orders that sit above and below these highs and lows. At any point in time price is always moving towards these orders/prices. To take them out and continue or to...
The move lower finally came taking price towards targets. I have closed off 50% of my position and moved my stops to BE, I no longer have exposure in the market.
The levels marked out are quite significant in my opinion, price keeps reacting to them so I will continue using them
If you keep things simple then you avoid confusion, I'm still looking for more...
After that drawn out sideways movement, finally got a break of structure.
Looking for a move lower targeting the lows at 0.18
My stops would be above yesterday's high.
Interesting to see how this plays out, imo price still hasn't decided where it wants to go.
XRP/BTC is seeing a little pop higher, that's why XRP is seeing a larger move than BTC at the moment....
Looking at the weekly chart, the previous week saw little in the way of movement.
I was looking for a pop higher to either pick up more orders then head lower or a rally to take out the last significant high.
On the monthly chart is still looking quite bullish, we are still trading below the monthly open. My initial long postion was stopped out at less than 10...
On the 12th of May, BTC was trading above its weekly open.
This whole move higher and the breakdown was called. If I had to put a number on it, I would say I'm 80% in sync with BTC.
As I mentioned on my post yesterday, there was a short setting up but I didn't take it. (check ou my BTC post on 12 May)
I felt there was an element of frustration which would lead to...