If GBPUSD comes up like this, it will be a nice entry for Long. I see the following possible scenario:
- Impulsive break
- Possible teacup formation
- Possible H&S formation (if it also makes a BoS there, we will have one more confirmation for an upmove).
- Impulsive break
- Possible teacup formation
- Possible H&S formation (if it also makes a BoS there, we will have one more confirmation for an upmove).
Trade closed manually
Due to the latest GBP market news, the structure I was looking for has been broken. The teacup pattern was the there, but the shape of the flag was not able to form properly. Instead, the price made a sharp move towards my marked supply zone and easily moved onto the next one before making its upmove. I never trusted the trade, so I didn't take it.
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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.