GBPUSD - Double top formed; sell sell sell
Updated
Double top has formed thus justifying the major short trade.
Looking to pull back and test the 1.17900 area ... waiting for confirmation for key points noted on chart and will be increasing TP accordingly.
Entered into trade this morning - did not pick up the right area for the following reasons:
1) Previously had a very busy chart not allowing me to pick up key areas at a glance - now have cleaned up the chart to assist me.
2) Doubting previous trends on the chart - I was hoping to see a bull run above resistance trend line and assumed the current bear run was a test of support.
Thanks
RR
Looking to pull back and test the 1.17900 area ... waiting for confirmation for key points noted on chart and will be increasing TP accordingly.
Entered into trade this morning - did not pick up the right area for the following reasons:
1) Previously had a very busy chart not allowing me to pick up key areas at a glance - now have cleaned up the chart to assist me.
2) Doubting previous trends on the chart - I was hoping to see a bull run above resistance trend line and assumed the current bear run was a test of support.
Thanks
RR
Note
30 pip movement to the upside ... nothing to panic about too much yet as price needs room to breathe and move.Looking on 1 hr chart -
Awaiting confirmation of 150EMA to act as dynamic resistance.
5 min, 15 min chart shows price over bought - scalpers delight (I took a scalp on this + 25 pips profit). The lower time frames show price being resisted by 50 and 150 EMA.
Need to re test the 1 hr support at 1.19277 for further bear run.
TP1 was hit at 1.19277 so + 38 pip profit and my scalp profit = current daily profit @ + 63 pips.
Happy trading
RR
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