GBPUSD: 1H

The previous highs happens to be a 0.382 retracement level coming in at a very psychological level (1.30$)

With this set-up you will simply be trading in the direction of the short term trend and never again will you have to pick a high or low.

So why sell this market?

• A dip down to the 1.50 extension illustrates a bearish trending market
  
• Pullback up to 0.618-0.786 area
  
• Bearish hidden divergences
  

Not expecting 1.30 sellers to give up the highs. Protective stops are placed at 1.301, 3 pips above the previous highs.


Good luck to everyone trading GBP/USD!!

Komentarz:

You dont really need any oscillator or indicator to be confirming these kind of set-ups, but it sure looks good when you add them onto it as illustrated here ( and on most of my charts )