Look at 4HTF, this is very interesting.
3pm, GBP CPI news released bullish, price then move higher from here, at this point it seems like price is reacting off very well to the support from the left, but this is an illusion. It's a trap that induces traders to jump into Long from here and thinking that this support will hold.
In the HTF structure, GU has completed the accumulation of short position and is ready to start a new round of bearish trend very soon. Those who jump into Long at here will have to pay the price of standing against the trend.
3pm, GBP CPI news released bullish, price then move higher from here, at this point it seems like price is reacting off very well to the support from the left, but this is an illusion. It's a trap that induces traders to jump into Long from here and thinking that this support will hold.
In the HTF structure, GU has completed the accumulation of short position and is ready to start a new round of bearish trend very soon. Those who jump into Long at here will have to pay the price of standing against the trend.
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Under bearish market, one bullish news will not be able to turn the trend around. Bullish news will only be used as a catalyst for price to pullback.
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Price might put in a new HH, close a nice attractive 1H bullish candle to attract buyers to chase long.
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