GBPUSD - My Favourite Short

A very simple chart but sometimes simplicity is the winner don't you think?

Of course simple is great but only if correct so we'll see...

Anyhow following channel downside fakeout price has now risen up to 0.618 retracement and wicked through on the weekly candle.

There are still some hours left before close but it looks like it will form a spinning top indecision candle which will likely signal the top.

Finding resistance also at the 20WMA that has acted as S / R many times.

Lower time frame RSI rolling over.

This one has a very long way down I think as part of the "dollar wrecking ball" series.

Not advice.

Kommentera:

Slightly early on this one - must remember to let the candle close. I dont think it will make too much difference, but perhaps price will drift into the upper channel trendline then i'll add to my short on a fakeout.