POUND SHORT LOADING TIME.... THE FALL OF THE POUND... MAYBE?!
Updated
If you have been following we have been tracking the pair since the 1.2290 area ...
We are now at KEY resistance and HUGE resistance evidenced by the Daily chart below
With Brexit looming, Pound is in a heavy bear market so staying a bull is extremely dangerous territory!
The current range is from 1.1950 -1.252.
We are in strong resistance territories and the only bulls here are late retail and greedy bulls.
On the H4 Chart
-macd is set for another favorable bear cross
-stoch is coming down from overbough and showing divergence which is really good which means the bulls pushing price
up are not as strong as the recent bull swing evidenced by the low stoch high
-At any point we should see bulls run for cover as market movers should have switch sides and are heavily loading short
-I have a key reference point at 1.2320 which is confluence of the moving averages on the daily and the origin
of the last breakout candle of the recent bull rally
I am already short 1.2515 with stops above 1.2570.
I will enter more shorts on the break of the trendline taking TP1 profit at the crucial 1.2320 area and letting everything else run.
A decisive break and retrace to this area and I will add more shorts looking to the daily crucial support around 1.2120 for TP2.
Last chance bulls will come here and depending on fundamentals it could break down if we get a proper test next week.
At that point depending on price actiion I will take another trade and see if we can break the LOWS ON THE POUND!!!
I don't always know what Im doing but when I do.. I'm pretty amazing!
Happy Hunting Happy Trapping
BooBii
Make sure to like... comment ... and subscribe
Any questions feel free to ask...
For what I don't know... I just don't know...
But what I do know I'll gladly share...
We are now at KEY resistance and HUGE resistance evidenced by the Daily chart below
With Brexit looming, Pound is in a heavy bear market so staying a bull is extremely dangerous territory!
The current range is from 1.1950 -1.252.
We are in strong resistance territories and the only bulls here are late retail and greedy bulls.
On the H4 Chart
-macd is set for another favorable bear cross
-stoch is coming down from overbough and showing divergence which is really good which means the bulls pushing price
up are not as strong as the recent bull swing evidenced by the low stoch high
-At any point we should see bulls run for cover as market movers should have switch sides and are heavily loading short
-I have a key reference point at 1.2320 which is confluence of the moving averages on the daily and the origin
of the last breakout candle of the recent bull rally
I am already short 1.2515 with stops above 1.2570.
I will enter more shorts on the break of the trendline taking TP1 profit at the crucial 1.2320 area and letting everything else run.
A decisive break and retrace to this area and I will add more shorts looking to the daily crucial support around 1.2120 for TP2.
Last chance bulls will come here and depending on fundamentals it could break down if we get a proper test next week.
At that point depending on price actiion I will take another trade and see if we can break the LOWS ON THE POUND!!!
I don't always know what Im doing but when I do.. I'm pretty amazing!
Happy Hunting Happy Trapping
BooBii
Make sure to like... comment ... and subscribe
Any questions feel free to ask...
For what I don't know... I just don't know...
But what I do know I'll gladly share...
Note
I took a little bit of profit at 1.2445 area.. holding for news.... I have my stops partially paid for and will enter if there is a higher spike with fed news to continue the sell plan. Watchout for Wild News....
Note
Didnt break the ema....bulls are going for the final squeeze..
Have to admit well done on trapping early bears....
The rest of the trade hit breakeven.
At this point looking for a break down of candles preferrably the hour candle.
If there is a 4hr candle break up here . Will sell on the next candle but will update with another idea.
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