GBP/USD: The Wizard's Descent from the Double Top Mountain
Technical Analysis:
GBP/USD 4H chart shows a clear Double Top formation at approximately 1.3725, a critical resistance level
The Treasure Hunter indicator has shifted color, signaling bearish momentum building (Hero taking damage)
Our Wizard's Journey progress bar indicates we're at 50% completion of the Mountain Pass, suggesting we're at a prime reversal point
Currently testing Elite Level 235 resistance zone (2345 XP), with declining XP Progress (35%)
Forecast:
Anticipating a significant pullback from current resistance
Initial Minion Zone at 1.3200 provides first target level
Watch for confirmation with HERO's Health declining from current 100%
Trading Strategy:
Short position opportunity forming with ELITE LvL 2 resistance rejecting price advance
Stop loss placement above Double Top at 1.3750
Risk/reward favorable with multiple support levels to target
Watch 4H candle closes below 1.3690 for entry confirmation
Quest Status: Active - Prepare for the wizard's descent from the mountain peak!
Technical Analysis:
GBP/USD 4H chart shows a clear Double Top formation at approximately 1.3725, a critical resistance level
The Treasure Hunter indicator has shifted color, signaling bearish momentum building (Hero taking damage)
Our Wizard's Journey progress bar indicates we're at 50% completion of the Mountain Pass, suggesting we're at a prime reversal point
Currently testing Elite Level 235 resistance zone (2345 XP), with declining XP Progress (35%)
Forecast:
Anticipating a significant pullback from current resistance
Initial Minion Zone at 1.3200 provides first target level
Watch for confirmation with HERO's Health declining from current 100%
Trading Strategy:
Short position opportunity forming with ELITE LvL 2 resistance rejecting price advance
Stop loss placement above Double Top at 1.3750
Risk/reward favorable with multiple support levels to target
Watch 4H candle closes below 1.3690 for entry confirmation
Quest Status: Active - Prepare for the wizard's descent from the mountain peak!
CognitiveAlpha
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.
CognitiveAlpha
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.