Classic Double Top!
Let's Start by admitting the fact that price action works like crisp in FOREX.
A beautiful breakout at $1.36459 made GBPUSD hit $1.37437 - $1.37493 Levels. Which happened to be a small time resistance level.
(During October 2021)
Price then reacted to the resistance and set up its camp down at $1.37007 Levels.
Selling pressure was still intact when it tried crossing $1.37437 - $1.37493 Levels again - 1st Indication for a possible Double top.
I.e, $1.37007 Levels Could possibly be the Neck Line.
Hah! That's what happened!
Price Almost respected our resistance level, and started its jouney downwards. - 2nd Indication for a Double Top.
EMA 9 Going below EMA 21 + RSI breaking its 47 levels Made themselves in the play for going short.
Candle at 7:30 with its good selling pressure and closing below the neckline confirmed the death of $1.37007 levels - THE FINAL INDICATION.
And the trade went on it's journey downwards as predicted.
A beautiful breakout at $1.36459 made GBPUSD hit $1.37437 - $1.37493 Levels. Which happened to be a small time resistance level.
(During October 2021)
Price then reacted to the resistance and set up its camp down at $1.37007 Levels.
Selling pressure was still intact when it tried crossing $1.37437 - $1.37493 Levels again - 1st Indication for a possible Double top.
I.e, $1.37007 Levels Could possibly be the Neck Line.
Hah! That's what happened!
Price Almost respected our resistance level, and started its jouney downwards. - 2nd Indication for a Double Top.
EMA 9 Going below EMA 21 + RSI breaking its 47 levels Made themselves in the play for going short.
Candle at 7:30 with its good selling pressure and closing below the neckline confirmed the death of $1.37007 levels - THE FINAL INDICATION.
And the trade went on it's journey downwards as predicted.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.