LOOKING AT SELLING GBP/USD FROM 1.35675-1.35700
Trend BULLISH : we have been in a long term uptrend since the Start of last march we have been making higher Highs on the higher timeframes so we are currently very bullish this is us going against the trend but we can see that we have a gap below that hasn't been filled and also we can see on the lower timeframes that gu has now started its pullback on the higher timeframes like we have been in a strong up trend for some time we are due a pull back
On the lower timeframes we can see a change of trend with ma's crossover also we are being supported by a bearish trend line on 30 minutes chart we can also say we are now starting to make lower lows on the smaller timeframes so we can look for shorts from the best price possible
Looking at selling gu from the area of 1.35700 we have an imbalance in this region this also lines up with the 61% fib which could mean we could see some reaction from this area we have a trend line just above that could act as some resistance
SELL LIMIT 1
ENTRY - 1.35700
STOP LOSS - 1.35850(15 PIPS)
TAKE PROFIT - 1.34500 (120 PIPS)
R:R ; 1:10
REASONS FOR SELLING GU
1. lower/lows (15/30)
2. imbalance at 1.34500
3. descending trend line (bearish) 15/30
4. daily close looking to be bearish (4th day in a row)
5.dxy now looking bullish for the time being
6. p= sells also
IF PRICE BREAKS ABOVE 1.35850 THIS TRADE WILL BE INVALID
We have two targets one of 1.34500 and also 1.33700
On the lower timeframes we can see a change of trend with ma's crossover also we are being supported by a bearish trend line on 30 minutes chart we can also say we are now starting to make lower lows on the smaller timeframes so we can look for shorts from the best price possible
Looking at selling gu from the area of 1.35700 we have an imbalance in this region this also lines up with the 61% fib which could mean we could see some reaction from this area we have a trend line just above that could act as some resistance
SELL LIMIT 1
ENTRY - 1.35700
STOP LOSS - 1.35850(15 PIPS)
TAKE PROFIT - 1.34500 (120 PIPS)
R:R ; 1:10
REASONS FOR SELLING GU
1. lower/lows (15/30)
2. imbalance at 1.34500
3. descending trend line (bearish) 15/30
4. daily close looking to be bearish (4th day in a row)
5.dxy now looking bullish for the time being
6. p= sells also
IF PRICE BREAKS ABOVE 1.35850 THIS TRADE WILL BE INVALID
We have two targets one of 1.34500 and also 1.33700
Trade closed manually:
trade triggered in morning but did look bullish so I closed at break even