Short

Updated

GBPUSD sell the rally

three drives move up completing on lower TF

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Measured move

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Waiting for retest/SL hunt to get in at a better price..

Trade active

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Why does price move in a predictable pattern?

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anyone?...before price reaches target line...

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$100 bux to the winner....

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bc humans are stupid and creatures of habit...

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Larger measured move. Humans instinctively seek to repeat reward-able actions (this is why fib levels are created btw).

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Look at the candle top of the engulfing candle. No wick means you have nothing but sellers here...

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Mistakenly posted this in my comments section: My last piece on TA then I'm done. There's only two types of reversals, and there will only ever be two types until the end of time. 1--"V" types that you only see at price extremes, and 2--the rounding of price. No.2 is found in 95% of all price rejections. Why you see this is bc the smart money is taking profit and getting out, while retail traders are still holding their longs. This is why your macd and rsi are showing you price divergence...

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Picture to go w my comments:

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And with that, I am going to take a break from here to spend more time w my family. My first TP on this trade is 1.225 bc the market is telling me that's where buyers are looking to buy what im selling. I will set the rest to BE and let it run (look at the weekly chart, we're still in a downtrend). I may also get stopped out, but at least I had an prudent and wise decision for why I shorted. If you keep doing that, the law of averages will work out in your favor over the long haul.

I was a struggling trader also at one point. Dont give up. Nothing good comes easily. It takes time, money and/or knowledge to be successful. If you liked my analysis, then follow EXCAVO tradewonk @rocketman. Those guys are looking at the same thing I'm looking at and trading what I'm seeing. Also follow my boy shamanforeignexchange, even though he doesnt trade the same way as me, he's still a great trader :P

Good luck, guys.

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Also, stop thinking of price as some inanimate object or pixels; it's just buyers and sellers. People trading on emotion--fear and greed. Once you understand that, the rest will click.

scofflol

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scofflol