GBP/USD 4H Indicating BearishnessHi traders, it's yet another week and this means fresh opportunities in the majors. Today I bring to your attention the short position I am currently holding on GBP/USD . This pair is currently in a longterm downtrend, therefore the highest probability trades will be found shorting the pair, this frames my bias.
On May 4th the market ran just above the high of April 29th on FOMC volatility , the market then returned below this high, breaking market structure in the process, traders using institutional concepts refer to this as the stop hunt. With this framework, once price returned to the breaker which initiated the stop hunt, I entered my short positions. The stop loss of the trade is placed above the 4H breaker block (the block is represented by the red rectangle ) and my final take profit level is placed at the high of the 4H fair value gap. The level represented by the blue line indicates where I will take my first partial if price moves in my favour. I have selected this level since it is an area of mitigation and so price can bounce from there.
More details of the overall framework of this trade is explained in further detail in my first publication, which can be seen below this publication in the "related ideas" section. I really appreciate you for reading this post and remember, buy/sell at levels that make sense and let the market do the rest.
May the markets be with you.
