GBPUSD: Time at mode uptrend might give us a great short soon
Updated
GBPUSD has an interesting chart here, with very clear resistance levels and a stop loss level for short trades. We will be looking to short the top of the current uptrend, to rejoin the long term decline in the Pound.
I think the uptrend is doomed from the get go, being a pullback in a downtrend, so, I will look to fade the rally when safe.
The chart shows a potential signal that could take price to the vicinity of 1.2830, but, there is a massive supply level at 1.2767 that could make the uptrend fail. Look for shorts above 1.2767 ideally, you can take a long term position and spread the selling over multiple days, using the stop on chart. If the analysis is correct, we'll get more confirmation for a precise technical short entry soon, for now, wait for updates here, and watch it. Going long isn't reccomended, although this will probably rally while EURUSD retraces.
Cheers,
Ivan Labrie.
I think the uptrend is doomed from the get go, being a pullback in a downtrend, so, I will look to fade the rally when safe.
The chart shows a potential signal that could take price to the vicinity of 1.2830, but, there is a massive supply level at 1.2767 that could make the uptrend fail. Look for shorts above 1.2767 ideally, you can take a long term position and spread the selling over multiple days, using the stop on chart. If the analysis is correct, we'll get more confirmation for a precise technical short entry soon, for now, wait for updates here, and watch it. Going long isn't reccomended, although this will probably rally while EURUSD retraces.
Cheers,
Ivan Labrie.
Note
Almost confirming the uptrend signal.Note
The Pound's stuck here...I'm watching from the sidelines.Note
GBPUSD moving up
s3.amazonaws.com/tradingview/snapshots/n/NaMxSkhC.png
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(from the KHL chatroom)s3.amazonaws.com/tradingview/snapshots/n/NaMxSkhC.png
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Approaching the short zone.Note
You can start shorting here, and until FOMC. Spread your entries over a few days, to reduce risk.Note
Seems like we caught the top. Adding a bit more each day at the close.Note
Pairs like GBPAUD are an optimal sell too.Note
Acting well.Trade closed manually
Better wait to reenter, exit now.Trade active
I'm reshorting here.Note
Doubled the trade at 1.2504 and trailed stops to 1.2541, risk is $0, nada. Avg. entry: 1.2544. Would result in a 3 pip profit if stopped, but I think it'll keep going down.Note
Great progress, hold!Note
It should hit 1.2160-1.2170 before seeing any reaction.Note
Certainly worked to predict the top.
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