GBPUSD Short @1.131
Updated
We haven't reached the low of the range after moving out of the Higher Timeframe (HTF) Equilibrium.
Earlier I (over)analyzed the situation and thought it would recapitalize lower because it got down so sharply and so close to the low of the range. Now that we've moved out and had a Lower Timeframe move back to the equilibrium, this next move down has a high probability of succeeding.
Again, the arrow down doesn't limit to the 27th of september at all. I don't do fundamentals so I don't care about dates. Thanks!
Good luck!
Earlier I (over)analyzed the situation and thought it would recapitalize lower because it got down so sharply and so close to the low of the range. Now that we've moved out and had a Lower Timeframe move back to the equilibrium, this next move down has a high probability of succeeding.
Again, the arrow down doesn't limit to the 27th of september at all. I don't do fundamentals so I don't care about dates. Thanks!
Good luck!
Note
Just noticed I made a typo, title should be 1.311, sorry about that.Note
Bullish orderblock @ 1.2988 could cause retracement before moving down.Trade closed manually
Reviewing the situation I've taken 340 pips profit right where we are. I've looked at several options and this one seemed far better than the others.I could hold onto half of the lot but I'm not comfortable doing that during the weekends.
I'd like to also take a moment and learn a bit more. This is the actual orderblock that we came down into and you can clearly see price did not want to trade down further into it. The body of the bearish candle prior to the previous big upmove is the actual orderblock, and not the one I projected all the way down (doji, bad call after the fact). So it's good to close it down here and wait for consolidation and more high probability setups. I'm personally expecting price to be bullish staying in range.
Thanks have a great weekend.
Note
As a last note on the downside. I'm waiting to see the last little leg down for new bullish reactions. Will most likely reach the low of the week tomorrow (tuesday) NY open. After that, it's time to start looking at long entries.
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