GBP/USD 1D - As you can see price has been extremely bullish as of recent and I feel this structure is here to say. Following a full top down analysis, I have the bias that this market is ready to put in a higher timeframe bullish correction.
As we know the bias of this market overall is a bearish one however price is looking very strong at the moment and we have seen a few patterns form that are suggesting a correction now to the upside.
What we are seeing at the moment is that price is correcting fractally to the downside, this is a correction within a correction. Price is trading lower, correcting itself before the next bullish impulse which is part of the higher timeframe bullish correction.
Its important that we can distinguish structure within structure, and apply a top down analysis correctly. I will be looking for longs as soon as we have confirmation of a new bull run. I will keep you all updated.
As we know the bias of this market overall is a bearish one however price is looking very strong at the moment and we have seen a few patterns form that are suggesting a correction now to the upside.
What we are seeing at the moment is that price is correcting fractally to the downside, this is a correction within a correction. Price is trading lower, correcting itself before the next bullish impulse which is part of the higher timeframe bullish correction.
Its important that we can distinguish structure within structure, and apply a top down analysis correctly. I will be looking for longs as soon as we have confirmation of a new bull run. I will keep you all updated.
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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.