GBPUSD SELL H&S Retested... Playing out now at neck
https://www.tradingview.com/x/ZlfiAX4a/
Mainly on the 4HR chart
Mainly on the 4HR chart
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Short Trade GBPUSD Update:
Guys, I believe this is forming up ready for another push down soon.
Price has retraced just beyond the 38.2 which is perfect.
I have a take profit a bit further down.
Uwaga
TP I calculated to be about at the 161 fib extenstion.Zlecenie aktywne
Which is a TP of about 131 even.Uwaga
1.3094 if you want to get really accurate.
Of course price could must further past here.
This is being conservative of where head nshoulders normally goto in terms of TP.
Cheers,
Chris
Uwaga
Price appears to be retracing currently due to an inverse head and shoulders on the very low time frames 10secs.Uwaga
GBPUSD is sitting on a lot of double bottoms across the timeframes supportive of price. There was also a 1m inverse head n shoulders playing out.
But it's this 2hr candle that I think will drag price back down very soon.
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Short trade active.
2hr chart price should push straight through this double bottom.
Uwaga
You can see left of screen there is some short-resistance from last month 21-23 August but it should not be a problem with our TP at 1.31 roughly.
Uwaga
The last bearish 5 minute big candle was an 'inefficient candle' creating a bearish FVG. Price will probably bounce of the FVG and head down through
double bottom soon
Uwaga
This cluster of 3m candles look very bearish to me.
Uwaga
Sell 2504.60 - 2504.80
SL 2506.30
Uwaga
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You can see here the 10 second helpers are starting to obliterate the GBP.
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GBPUSD:
Price got close to breaking underneath the double bottoms but now a head n shoulders bullish on a 10 sec timeframe.
I had 6 short positions in this trade. I have locked in profits on 3. So I now have 3 positions short in GBPUSD. I still think price will drop through soon.
Uwaga
Uwaga
This actually a very bullish W/bottoms. Why? Because the right side is higher in price than the left. The left is lower meaning the selling got low and really exhausted and buyers have managed to keep the price above the left side of structure.
I sold all my GBPUSD.
Could price go lower? You bet ya it could.
Uwaga
Actually that above technically is not a w/bottom
This is below where I zoom into the last part of price action above.
It is forming its right side now.
Uwaga
Uwaga
If the USD is bullish in it's data at NY open re PMI etc. GBP could be turned down to 1.27. Uwaga
But equally the reverse could occur.
trading economic data is okay. But you have to move very fast with order placement.
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