GBPUSD short on bearish overlap bar
Finally took this short trade because there's a few things going on here that I believe point to a bearish momentum. Let's break down what we're seeing.
1. Bearish rejection bar: that breakout is deemed false. It is no longer holding up.
2. The bullish bar after the bearish fakeout is much smaller. It signals that for the past day, we might've experienced short sellers covering position. However, it is not nearly strong enough to change the trend direction.
3. I am shorting this pair with a 4H timeframe bearish bar acceleration expectations. Please see the trade idea update for the 4H chart.
1. Bearish rejection bar: that breakout is deemed false. It is no longer holding up.
2. The bullish bar after the bearish fakeout is much smaller. It signals that for the past day, we might've experienced short sellers covering position. However, it is not nearly strong enough to change the trend direction.
3. I am shorting this pair with a 4H timeframe bearish bar acceleration expectations. Please see the trade idea update for the 4H chart.
Note
4H view of this trade: Note
Trade officially closed out. Still in uptrend rally over on the 4H, decided not to pursue.
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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.