GBPUSD Daily Analysis 31 Jan 23
Updated
Theres Triangle Pattern,so i will wait when the candle daily close below the triangle.
When it does then will watch carefully for entry SELL near the triangle pattern.
Why I am expecting to SELL ? Becoz based on the weekly chart theres "hangin man "candle
Historically "hangin man "candle will make a bearish movement about 1-2 weeks
But the bigger picture still BULLISH thats why when i entry sell to use SL and TP
When it does then will watch carefully for entry SELL near the triangle pattern.
Why I am expecting to SELL ? Becoz based on the weekly chart theres "hangin man "candle
Historically "hangin man "candle will make a bearish movement about 1-2 weeks
But the bigger picture still BULLISH thats why when i entry sell to use SL and TP
Note
This is symetrical triangle pattern, I found it at website so it says :If a symmetrical triangle follows a bullish trend, watch carefully for a breakout below the ascending support line, which would indicate a market reversal to a downtrend. Conversely, a symmetrical triangle following a sustained bearish trend should be monitored for an upside breakout indication of a bullish market reversal.
Note
For me i think it will says that market this week will be on downtrend but still on CORRECTION on the huge trend. So it support the candle in the weekly i mentioned before if candle later break down the symetrical triangle.There will Short Bias for temporary
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