Shorting GBPUSD at trendline, resistance, fibs and divergence
This is a crowded chart, i know. But this opportunity is just so stuffed with goodies!
- We have an extremely strong resistance level (black line with blue boxes)
- Bearish trendline (black)
- Oversold RSI (14) with divergence (red line)
- Pinbar
- AB=CD pattern (blue lines)
- Fibonacci cluster (.5 and 1.32)
- Pinbar-ish candle
This looks really good as the confluence is extreme. One can take a trade with 1:5 risk:reward or a more conservative trade of 1:2. On the 1 hour we have a doji + bearish candle which means i will open this trade right now. And as usual: Hold your thumbs!
- We have an extremely strong resistance level (black line with blue boxes)
- Bearish trendline (black)
- Oversold RSI (14) with divergence (red line)
- Pinbar
- AB=CD pattern (blue lines)
- Fibonacci cluster (.5 and 1.32)
- Pinbar-ish candle
This looks really good as the confluence is extreme. One can take a trade with 1:5 risk:reward or a more conservative trade of 1:2. On the 1 hour we have a doji + bearish candle which means i will open this trade right now. And as usual: Hold your thumbs!