***Unsure about this trade just now looking at how the daily candle is currently looking, may be seeing a reversal.***
However the set up looks nice, price is currently in no mans land with GU never being this low. Confluence's for going short at around 1.2150 begin with:
Market structure lows were broken, price telling us it may go lower again.
Broken ascending trend line on 4H, potential change of trend.
The broken trend line lines up nicely with my red resistance zone @~1.2150.
Also lining up nicely with 4H 50EMA and Daily 20EMA, both acting as dynamic resistance.
My SL is 55 pips and just above the 78.6% fibonacci level.
My TP is just short of my -27% fibonacci extension level.
Once again unsure about this trade as I was expecting more of a GBP recovery before another move down.
However the set up looks nice, price is currently in no mans land with GU never being this low. Confluence's for going short at around 1.2150 begin with:
Market structure lows were broken, price telling us it may go lower again.
Broken ascending trend line on 4H, potential change of trend.
The broken trend line lines up nicely with my red resistance zone @~1.2150.
Also lining up nicely with 4H 50EMA and Daily 20EMA, both acting as dynamic resistance.
My SL is 55 pips and just above the 78.6% fibonacci level.
My TP is just short of my -27% fibonacci extension level.
Once again unsure about this trade as I was expecting more of a GBP recovery before another move down.