maazussen

GU Sell or Buy if it breaks

Short
FX:GBPUSD   British Pound / U.S. Dollar
potential sell on GU from the yearly high of 1.37040. If it breaks this area, then the bulls will be in control. Expect some resistance as its pretty oversold on the higher TF's

Comments

the market is oversold
so will be in consolidation for a while before we see a clear move
+2 Reply
If it breaks this area then more often than not the support and resistance traders will start buying only for price to retrace against them, because the big institutions will have sell orders placed in this area in accordance with the higher time frame structure and the retracement is usually what kickstarts the big moves to the downside. If support and resistance traders were taking control every time price trickled above a horizontal line in a corrective manner then most would be profitable, but most are not for the reason given. ✌🏻
+1 Reply
on oanda gbp/usd my rsi on 1hour chart my rsi not showing in high 80s overbought area,im not suggesting your trade is wrong i appreciate uour perspective.
+1 Reply
I'm an intraday trader, ive got my profits and im done tbh
Reply
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