when a trader ignores price action indicators ema's and trendterrible long entry by T.I forex trading desk.
the mentioned trader entered long the British pound and soon had to go into hedging to protect against liquidation
plus he had to load up on cash to not get liquidated.
LONG entry laddering down from 1.30 ish to 1.27.
priceaction incredibly bearish!
loss of short term attempt of daily uptrend change on may 9!
with setting a lower low ON THE DAILY.
daily couldn't even set a second HL.so weak.
possible reversal candle on may 10th.
bearish engulfing on may 11th. stuck under Ema's.
loss of 200 MA on may 14th.
Bearish ema cross on may 7th. after that free drop.
10 clear technical reasons for daily continued downtrend
no unexpected news that caused this.
plus :
trend/News:
British pound in a weekly downtrend since 1994!!
Brexit weakness.
trump called trade wars.
.british prime minister news caused uncertainty -all FUD.
macd histogram ticking down.
bearish cross on macds on loss of 200 MA.
downticking histogram since may 6th
RESUME:
NOT ONE SINGLE REASON TO GO LONG in this chart.
but an almost perfect short from 1.295 to 1.27
just enter at the 200 ma loss of support.
reentering the clear weekly downtrend for pound.
no daily RSI oversold buy signal until 1.286 on may 17th.
buying into this price is suicide!
nothing unprepared or not clear in the chart.
just a terrible trade and averaging down
into weakness instead of closing and hedging at 1.29
now stuck hoping for oversold reversal at 1.26 slightly bullish reversal candle on may 23rd
possible inv H&S on the weekly but unclear volume profile
