strong key level and multiple resistances. Looking to hold this for around 100 pips
with brexit this feels appropriate. technicals line up with a 4.5:1 rr.
looks bear but idk -fibs -price action -ll &hh -shoulder entry --
-Downward trending -Lower lows and making lower highs -Respecting resistance zone -Fibs entry
-Downward trends -Channels downtrending -Lower highs and lows -Overextension occuring right now -Fib entry on daily -Broke strong rejection zone*
-Downtrending channels -Fib short entry on .79 level -Downtrending overall making lower lows and lower highs -Strong zones
Fibs entry Downtrending and DT channels LL&LH 4H rejection Lower time frame entry
Uptrending throughout the channels Higher Highs/ Higher Lows Daily EMA Cross Weekly Consolidation Weekly Rejection candle Fibbonacci Entry on Weekly 100pips off from entry 3:1 Profit ratio
Fibs drawn shows that GU has retraced to its marked area and should continue with bullish momentum until the short opportunity drawn for London.
The Fibonacci's from the previous leg shows an opportunity to swing GA downward at this moment. In addition, overall downtrend is occurring on the daily chart where recently multiple candles formed a daily resistance giving more confluence behind this trade.
Confluence trading found GJ to be down trending and used fibs for an entry.
FIbbonacci and 4H lines up for bearish trend in the next few hours.