WHATS UP YALL, HOPE YALL ARE HAVING A GOOD MORNING OR DAY, WHEREVER YOU ARE!
Go follow me if you havent alrewady, I post nearly everyday and show that fire analysis BAYBEE!
Lets hop right into this one, so as we can see, gbp usd is getting rejected at the upper resistance i have marked. This has created a lower high and gives us a question: are we going back down? We further analyze the chart and notice that the trend lines i have marked (arrow channel) are validated by price hitting twice and very clean at that. Also we see we have a lower low formed and this is a further indication of a possible sell.
Pair this with a glance at the RSI and we are overbought, another indication of selling.
If we need further confirmation, the trend of the london session was upwards. If we know that NY session tends to reverse the trend of the market (not always, observe market sentiment), we can be further persuaded that price wil take a downwards direction.
However, it is still possible to go in the upwards direction since on the 1H chart we just crossed over on the two emas, as well as we are currently in a "buy" trend (Local trend). This being said we must wait for price action. Be sure to use a stop loss and be patient.
Precision and Patience
Thank yall for checking out the idea, stay tuned for more!
Go follow me if you havent alrewady, I post nearly everyday and show that fire analysis BAYBEE!
Lets hop right into this one, so as we can see, gbp usd is getting rejected at the upper resistance i have marked. This has created a lower high and gives us a question: are we going back down? We further analyze the chart and notice that the trend lines i have marked (arrow channel) are validated by price hitting twice and very clean at that. Also we see we have a lower low formed and this is a further indication of a possible sell.
Pair this with a glance at the RSI and we are overbought, another indication of selling.
If we need further confirmation, the trend of the london session was upwards. If we know that NY session tends to reverse the trend of the market (not always, observe market sentiment), we can be further persuaded that price wil take a downwards direction.
However, it is still possible to go in the upwards direction since on the 1H chart we just crossed over on the two emas, as well as we are currently in a "buy" trend (Local trend). This being said we must wait for price action. Be sure to use a stop loss and be patient.
Precision and Patience
Thank yall for checking out the idea, stay tuned for more!
