Double Top Fractal on GBP/USD
The double top is a bearish pattern. What is interesting to see is that GBPUSD is making a perfect fractal here on the second top so far compared to the first top.
Even the two larger volatility candles where the rush to the top and the strong rejection takes place get copied exactly. They have a 16 days distance in-between them.
The most logical scenario is now to monetize the continuation of the fractal and hold a short position when GBP/USD starts the new tradingweek.
There is a slight bullish offset from the first pattern to the second, so you could consider setting the take profit slightly higher and therefore more conservative.
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--------------------------------------------------------------
Disclaimer!
This post does not provide financial advice. It is for educational purposes only!
Even the two larger volatility candles where the rush to the top and the strong rejection takes place get copied exactly. They have a 16 days distance in-between them.
The most logical scenario is now to monetize the continuation of the fractal and hold a short position when GBP/USD starts the new tradingweek.
There is a slight bullish offset from the first pattern to the second, so you could consider setting the take profit slightly higher and therefore more conservative.
Follow me for consistent high quality updates, with clear explanations and charts.
Please like this post to support me.
- Trading Guru
--------------------------------------------------------------
Disclaimer!
This post does not provide financial advice. It is for educational purposes only!
Note
I always like to look at the open gap and the price action immediately after the markets open.We see a bearish response on the first minutes, which adds extra strength to our bearish signal. Good luck with the trading this week!
Note
So far the price follows this pattern still very precisely!We are reaching the end of where you would still be able to enter the trade. Enter quickly or don't enter a short position anymore :).
Thảo luận về những biến động và nói cùng nhau về thị trường giao dịch ở cộng đồng Telegram này nhé!
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(bắt đầu từ tháng 2 - 2023)
t.me/Vietnam100eyes
(bắt đầu từ tháng 2 - 2023)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Thảo luận về những biến động và nói cùng nhau về thị trường giao dịch ở cộng đồng Telegram này nhé!
t.me/Vietnam100eyes
(bắt đầu từ tháng 2 - 2023)
t.me/Vietnam100eyes
(bắt đầu từ tháng 2 - 2023)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.