Why I Think GBPUSD Will Continue to Sell This Week
Hey Rich Friends,
Happy New Year! I am so excited to be back and sharing trade ideas with everyone! Cheers to a peaceful and profitable year!
I think GU will make a quick bearish move this week. Here is what I am looking at:
- The most recent candle broke structure on the downside.
- The most recent candle closed below the 50 EMA.
- The momentum indicator is facing DOWN and BELOW 0.
- The STOCH is facing down and the slow (orange) line is above the fast (blue) line.
- No high impact news TODA. BUT STILL CHECK THE NEWS AS IT IS NFP WEEK.
For me, all signs are pointing to a sell. I will set a sell limit at a previous high to give the market a chance to retrace, which will give you a better entry. My stop loss will also be at a previous high and my TPs will be at previous lows.
Peace and Profits,
Cha
Happy New Year! I am so excited to be back and sharing trade ideas with everyone! Cheers to a peaceful and profitable year!
I think GU will make a quick bearish move this week. Here is what I am looking at:
- The most recent candle broke structure on the downside.
- The most recent candle closed below the 50 EMA.
- The momentum indicator is facing DOWN and BELOW 0.
- The STOCH is facing down and the slow (orange) line is above the fast (blue) line.
- No high impact news TODA. BUT STILL CHECK THE NEWS AS IT IS NFP WEEK.
For me, all signs are pointing to a sell. I will set a sell limit at a previous high to give the market a chance to retrace, which will give you a better entry. My stop loss will also be at a previous high and my TPs will be at previous lows.
Peace and Profits,
Cha
Comment:
TP 1 was hit for 40 pips. The market did not reach TP 2
Comment: