Based on timeframe analysis, this a intraday short trade centered around :
Break of Structure on the H4, H1 and M15
Test of a strong daily resistance level
Bearish engulfing candlesticks showing a change in trend momentum
Retest of the break of structure before continuation of new trend
I also showed my projected stop loss and take profit areas. Be sure to...
Depend on a few conditions :
- the close of the next H4 candlestick below strong resistance
- a break of structure below the previous Higher lows to signal a possible change in trend
- retest of a mid-range support and a higher timeframe trendline
- along some sort of bearish confirmation on the smaller timeframes
- and for added confirmation a cross of the...
Based on technical analysis, GBPUSD has blown through previous major support and a major demand zone in the market. It's currently on a macro-downtrend, continuing with lower highs and lower lows. Top down analysis has shown that this pair is just in a small retrace at the moment, retesting the broken levels while still maintaining structure.
However, on the the...