Reading the Right Side of the Chart : GBPUSD 13 September 2019

At the beginning of the week, price closed above previous Friday's high and that Monday high became a strong resistance level for this pair until today. I was bearish bias even until now. Why am I bearish bias even though the P1 had been activated thanks to the institutional traders failed to be very subtle with their stop hunts. I have mentioned in my other posts that they use risk events like its hunting season. Brokers widened their stops and oceans and oceans of orders from market participants (from retail to smaller fish commercials participants)

Whilst it is now bullish mode from the P1 activation (price close below Tue-Wed low), my discretion would ignore this activation and will wait for a P1 activation after price close at 1.23750-1.23900 and then I will wait for the bearish trigger.

I doubt it will hit the 20-week downside projection by NY close today but do take note that since Monday, this pair failed to reach it's basic 20-day average daily range. If the price keep failing to reach the minimum average daily range then it "owes" the market and indeed plenty of range needs to be paid and that usually means a very volatile pay up follows. (Please check my post regarding daily range and how it is a useful analysis :

Comment:

"Whilst it is now bullish mode from the P1 activation (price close below Tue-Wed low), my discretion would ignore this activation and will wait for a P1 activation after price close at 1.23750-1.23900 and then I will wait for the bearish trigger."

..and I decided to ignore the bullish mode somehow. ha ha ha

Comment:

"If the price keep failing to reach the minimum average daily range then it "owes" the market and indeed plenty of range needs to be paid and that usually means a very volatile pay up follows"