GBPUSD Structure Short Opportunity
Since the consolidation which started back in October 2016 we have slowly seen the market push out of the lows and form new highs.
We are now approaching a significant level in this market. Its a level that was respected during the Brexit and also if you go out to the Monthly chart, you will see there are further tests of this level as support.
As we drop down the time frames looking to get an entry and tighter stops, we can see that the market is forming this ascending channel with RSI divergence.
This pattern is typically followed by a bearish move.
Ill be looking at 2 types of entry
1) a retest of the channel high
2) a break and close below the channel low
Either entry must provide me with a minimum 1:1 Risk/Reward or I don't get involved.
one of a few great structure opportunities already this week.
Good luck in the markets.
And remember NFP this Friday.....
We are now approaching a significant level in this market. Its a level that was respected during the Brexit and also if you go out to the Monthly chart, you will see there are further tests of this level as support.
As we drop down the time frames looking to get an entry and tighter stops, we can see that the market is forming this ascending channel with RSI divergence.
This pattern is typically followed by a bearish move.
Ill be looking at 2 types of entry
1) a retest of the channel high
2) a break and close below the channel low
Either entry must provide me with a minimum 1:1 Risk/Reward or I don't get involved.
one of a few great structure opportunities already this week.
Good luck in the markets.
And remember NFP this Friday.....