Price could break through the first key level before pushing back up, ideally id like to see multiple wick rejections at the key level on lower time frames before entering a buy.
Following the previous analysis, I managed to take profits along the way and, most importantly,
secured them by making this trade a free-risk one. Price tested our major trendline structure (more of an area than just a line), almost hitting
'TP'.
Could have waited for a lower high formation, but the wick rejections might tell us otherwise.
Also, we expect a...
Good Morning Traders. I hope everyone has had a great week so far.
These are my thoughts for GBP/USD.
After a strong push to the upside momentum is finally starting to exhaust. I expect price to correct before continuing on an uptrend.
Reasons for trade:
- Strong wick rejection on 1hr indicating sell pressure.
- Price over brought
Advice:
Trade one pair at a time....
