This is my first post for anyone reading this so bear with me.
I am currently watching this pair for a potential short to around 1.8400 region for the following reasons.
- Break of market structure (bearish trend broken)
- Sustained bullish trend (wave 3 complete)
- Price decelerated into the lows of the trend and consolidated for a long time showing lots of indecision before an impulsive move followed by a
correction and another impulse meaning a correction and higher low is imminent
- 3rd touch of channel highs
- 4hr shooting star/pinbar rejecting resistance zone/psych level at 1.8550 and channel highs.
- 2nd impulse (wave 3) is an almost identical clone of the first, a clone of the correction would take you nicely into the channel lows
- Highs of the last impulse/swing high lines up perfectly with channel low and predicted correction clone at 1.8400
- Price currently trading just under the 61.8% daily fib zone
*If this trade plays out as expected i will then be looking to go long from the 1.8400 region into new highs*
I am currently watching this pair for a potential short to around 1.8400 region for the following reasons.
- Break of market structure (bearish trend broken)
- Sustained bullish trend (wave 3 complete)
- Price decelerated into the lows of the trend and consolidated for a long time showing lots of indecision before an impulsive move followed by a
correction and another impulse meaning a correction and higher low is imminent
- 3rd touch of channel highs
- 4hr shooting star/pinbar rejecting resistance zone/psych level at 1.8550 and channel highs.
- 2nd impulse (wave 3) is an almost identical clone of the first, a clone of the correction would take you nicely into the channel lows
- Highs of the last impulse/swing high lines up perfectly with channel low and predicted correction clone at 1.8400
- Price currently trading just under the 61.8% daily fib zone
*If this trade plays out as expected i will then be looking to go long from the 1.8400 region into new highs*
Trade closed: stop reached
Although Manufacturing Pmi came in under forecast sterling continued its rally higher taking out my stop loss.
Looking back on this trade, it was a bad idea to trade against the trend so moving forward I will not take another trade against the trend unless a clear reversal is present.