Hi Traders,
I am currently interested in Shorting opportunities on GBP/USD. Price is currently trading at 1.21220 and has come from a resistance level at around 1.21846. I am looking for price to continue this momentum as we are in a Long term downtrend. This could potentially be the lower high getting ready to push down to 1.17610.
My entry is around 1.2077 where I will start looking to short. I first need to see price break back below this price level and then on the retest I will be looking to short. If you look close you will see that If price reacts the way I expect it will have created a Head and shoulders pattern which adds to the confluence.
My stop loss will depend on how price action forms after breaking back into the zone and if it just continues to reject the current support at 1.20770 and proceed to break above 1.22 I will then be changing my Bias.
Trade safe.
Renaldo Philander
I am currently interested in Shorting opportunities on GBP/USD. Price is currently trading at 1.21220 and has come from a resistance level at around 1.21846. I am looking for price to continue this momentum as we are in a Long term downtrend. This could potentially be the lower high getting ready to push down to 1.17610.
My entry is around 1.2077 where I will start looking to short. I first need to see price break back below this price level and then on the retest I will be looking to short. If you look close you will see that If price reacts the way I expect it will have created a Head and shoulders pattern which adds to the confluence.
My stop loss will depend on how price action forms after breaking back into the zone and if it just continues to reject the current support at 1.20770 and proceed to break above 1.22 I will then be changing my Bias.
Trade safe.
Renaldo Philander