Ghada_Rhuma

GBP USD SHORT idea

Short
FX:GBPUSD   British Pound / U.S. Dollar
GBPUSD has reached a weekly down trend and a strong daily resistance could not break 1.32.
after forming double top pattern and divergence on MACD in 4h & 1h frame I believe it is going in correction down wave,
in addition of closing under kijun-sen indicating end of the upward wave.

Entry after close below 1.3030
Targets are as shown

let me know what you have in mind.
Good luck.

Comments

I totally agree with the direction of your trade idea and analysis. When I read about Ichimoku, I learnt not to trade when price is in the cloud. Trade price when it leaves the cloud.Also, price crossed kijun-sen on 4th Aug at 10am and then went straight back up. So BUY when price leaves above the cloud and sell when price leaves below the cloud. Following that rule, entry would have been a BUY on 3rd July 18:00 or even BUY on 20July 10am. I have gone against the rules in the past because trade opportunities are few and far between using this strategy. But this is what I learnt and I wanted to share this info with anyone who uses Ichimoku in their analysis. Hope you don't mind. Best of luck with your trades.
+3 Reply
Ghada_Rhuma nelsyboy
@nelsyboy I totally agree with you, I use ichimoku in trend following usually with continues divergence signal on macd.
But with reversals I found that Macd and kejun-crossing in a very strong resistance level are a very reliable signal.
This is my own twist to it
Reply
nelsyboy Ghada_Rhuma
@Ghada_Rhuma, Thanks for the explanation. I will look into that idea further. Best of luck with your trades.
+1 Reply
100% agree with this, i am in shorts and will be holding for some time x
+2 Reply
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