As seen price tapped slightly into an order block yesterday, and gave a good shift in price, formed a double top bouncing off a trendline. At the break of the counter trendline my entry would be confirmed
As seen, price has reached a support zone which pushed price down the previous day. It has formed a double bottom and has broken my counter trendline.
The point the price retested was a good time to jump in for some sells.
On the 15 MIN TF you can see the c;ear double top printed right on the order block I plotted. This Double top has synced with my RSI to form a Divergence.
Also I have plotted my Trend channel and price is having a bounce off it.
I think price will short to 1.24300.
As you can see there's a Trend channel plotted on the 1HR timeframe. Price is currently at the peak of the trendline and also on the RSI shown, there is a divergence between the RSI and the chart.
At the break of the counter trendline plotted inside the trend channel will be a final confirmation for a bear move which I predict will hold until price gets to 1.26000
As I predicted in my previous post, GBP/USD has broken the previous bullish channel it has maintained for some time. Printed a retest, and moved impulsively to the downside. On the 28th of February it had a corrective move with got to the 61.8% of the earlier mentioned impulse move.
It has no printed a double top on the 61.8% of the Fib number...
We have been previously moving with some bullish momentum. until price got to 1.27000 being am major psychological level has now acted as a RESISTANCE.
The break and retest of the bullish trendline line, will be a good entry point for some shorts. which will likely drop till 1.26000
RISK DISCLAIMER : Trading forex involves a lot of risk so...
