Why I think GBPUSD Will Sell...Technical Analysis
Updated
Hey Rich Friends,
Here is my technical analysis for GBPUSD on the 4-Hour timeframe. Remember to cross reference your own chart/indicators and check the news for additional confirmations. I think GBPUSD and other USD majors will sell and here is what I am looking at:
- The candles have already rejected the previous supply zone
- Tweezer top candle pattern formed. This is a bearish confirmation for me
- The Stochastic is facing down, the slow line (orange) is above the fast line (blue) and both lines have crossed below 80. These are 3 bearish confirmations on the stochastic for me
For additional confirmation:
- Wait for the current candle to cross and close below the 10 EMA (purple)
- Wait for the slow line (orange) to cross below 70
- Wait for the 10 EMA (purple) to cross above the 3 EMA (blue)
I entered at market execution and set sell limits in the highlighted areas. My SL will be at a previous high and I will target previous lows for my TPs.
Great luck if you take those trade and let me know if you have any questions.
Peace and Profits,
Cha
Here is my technical analysis for GBPUSD on the 4-Hour timeframe. Remember to cross reference your own chart/indicators and check the news for additional confirmations. I think GBPUSD and other USD majors will sell and here is what I am looking at:
- The candles have already rejected the previous supply zone
- Tweezer top candle pattern formed. This is a bearish confirmation for me
- The Stochastic is facing down, the slow line (orange) is above the fast line (blue) and both lines have crossed below 80. These are 3 bearish confirmations on the stochastic for me
For additional confirmation:
- Wait for the current candle to cross and close below the 10 EMA (purple)
- Wait for the slow line (orange) to cross below 70
- Wait for the 10 EMA (purple) to cross above the 3 EMA (blue)
I entered at market execution and set sell limits in the highlighted areas. My SL will be at a previous high and I will target previous lows for my TPs.
Great luck if you take those trade and let me know if you have any questions.
Peace and Profits,
Cha
Trade closed: target reached
Quick sell, 40 pips secured!
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