Hello Traders!
It's been a while since my last post on the market.
Here's a breakdown of GBPUSD.
Daily Timeframe:
1. We have been in a bullish trend, price forming HH and respecting HL. (impulsive phase)
2. By dragging our Fibonacci level from swing low to swing high, we can clearly see potential discounted levels where we can look for buying opportunities again.
3.(Corrective phase) Current price action indicates to us that price has a potential of closing below our last HL, which will indicate MMS/CHOCH and a start of a bearish trend.
4. What we know is that in a bearish trend price respects LH and breaks LL, and we should be looking for selling opportunities.
5. By using the H4 timeframe we can look for internal swing points where we can drag our Fibonacci to identify best-selling opportunities at a premium level. (This will be counter trend trading, and we can capitalize on it until we are in discounted levels again)
It's been a while since my last post on the market.
Here's a breakdown of GBPUSD.
Daily Timeframe:
1. We have been in a bullish trend, price forming HH and respecting HL. (impulsive phase)
2. By dragging our Fibonacci level from swing low to swing high, we can clearly see potential discounted levels where we can look for buying opportunities again.
3.(Corrective phase) Current price action indicates to us that price has a potential of closing below our last HL, which will indicate MMS/CHOCH and a start of a bearish trend.
4. What we know is that in a bearish trend price respects LH and breaks LL, and we should be looking for selling opportunities.
5. By using the H4 timeframe we can look for internal swing points where we can drag our Fibonacci to identify best-selling opportunities at a premium level. (This will be counter trend trading, and we can capitalize on it until we are in discounted levels again)
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.
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.