GBP/USD H1 - SHORT into 1.21635?
Hi guys, hope you all had a successful trading week! :)
What I'm looking at currently is the H1 Timeframe of G/U. The bullish moment that defined the last trading week for G/U has been slowing down completely at the 1.24820 S/R ZONE, noticeable by the repeated printing of small indecision candles at the zone, failing to close above it. In addition to that, we have finally broken the ASCENDING TREND-LINE that G/U has been riding on in the last hours on Friday before the market closure.
If we zoom out into the D1 Timeframe & draw the fib retracement from the top to the bottom of the last swing, we can also spot that we are currently sitting between the 0.5 & 0.618 fib levels which is being rejected right now, indicating that the golden zone between the 0.5 & 0.618 is holding.
I'm looking to short on the retest of the broken trend-line & S/R at around 1.24820, scaling in positions when its cascading down the previous mini S/R Zones, aiming for the wick at 1.21635.
Summarizing the Set-Up -I'm looking to short on:
- the back of S/R at 1.24820
- retest of broken ascending trend-line
- Golden Zone D1 fib zone between 0.5 & 0.618 fib levels
Friends, thank you for taking a look at my analysis for the upcoming week, don't forget to LIKE & COMMENT, so that I can see what you guys think about my analysis! :)
Take care! & wishing everyone a nice weekend...& a profitable trading week ahead :)
Noel Schwarz
What I'm looking at currently is the H1 Timeframe of G/U. The bullish moment that defined the last trading week for G/U has been slowing down completely at the 1.24820 S/R ZONE, noticeable by the repeated printing of small indecision candles at the zone, failing to close above it. In addition to that, we have finally broken the ASCENDING TREND-LINE that G/U has been riding on in the last hours on Friday before the market closure.
If we zoom out into the D1 Timeframe & draw the fib retracement from the top to the bottom of the last swing, we can also spot that we are currently sitting between the 0.5 & 0.618 fib levels which is being rejected right now, indicating that the golden zone between the 0.5 & 0.618 is holding.
I'm looking to short on the retest of the broken trend-line & S/R at around 1.24820, scaling in positions when its cascading down the previous mini S/R Zones, aiming for the wick at 1.21635.
Summarizing the Set-Up -I'm looking to short on:
- the back of S/R at 1.24820
- retest of broken ascending trend-line
- Golden Zone D1 fib zone between 0.5 & 0.618 fib levels
Friends, thank you for taking a look at my analysis for the upcoming week, don't forget to LIKE & COMMENT, so that I can see what you guys think about my analysis! :)
Take care! & wishing everyone a nice weekend...& a profitable trading week ahead :)
Noel Schwarz
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