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GBPUSD - Potential Short (SELL) Entry DevelopingGBPUSD has continued with it's bullish up-trend with the current risk-on market sentiment. I've identified A potential level for an overdue retracement at the 140.0 level - this is a strong psychological level, and it also aligns nicely with the current bullish trend line. I've identified other factors including correlation which supports this short term retracement idea. Shorting GBPUSD is a high risk endeavour at the moment and this is the only area with the highest amount of confluence for a "safer" short attempt at the moment.
Short
by ZakTheMak
1
GBP/USD In Range... Low Risk Trade- GU made it to the top of the range today after a VERY strong bullish move. - Most recent highs were liquidated but still holding our highs from last week. - Session POC has been moved up to the top of the range indicating Big Money is back defending that level. - Time based Volume also indicating this as we see the highest volume node at the high of the day. - The bull run was completed, bottom to top in 8 hours. 8 Hour ATR was 52.8 pips, the run was 134.7, over-extending that ATR by 81.9 pips. - Price has created a Double Top at our Resistance zone indicating a possible reversal. - Looking for a retrace back to mid-range levels and see what happens there if we close or we keep holding.. only time will tell. - If we do get stopped out of this trade, that will indicate that we've broken out of the range. Therefore, at that point we would be looking for a retrace back into that breakout zone for a continuation to the upside. Shorting at the top of the range provides a low risk, high reward trade. Try to avoid taking trades in the middle of a range as like what happened today, price continued up very strongly and would have stopped out anyone trying to short in the middle.
Short
by TheCaffeinatedTrader
5