Last week I shared with you my thoughts on a few different trading pairs.
Here is the article.
So far, all those pairs- GBPUSD, EURUSD and AUDUSD have performed as expected.
They were up between 200-400 pips so far.
I have started seeing some worrying signs and therefore am looking for some further bearish signs.
EURUSD has printed a pin bar on the daily chart.
This coincides with a major resistance level.
AUDUSD has printed a in bar, too.
This too has bearish implications.
GBPUSD Trading Analysis 01.09.2020
I am looking at the cable. It looks like the bulls are taking money off the table and are ready for more selling.
There is a pin bar on the daily timeframe.
This coincides with a major supply zone.
I will be closely looking for a potential 4H confirmation and might go short.
One important note to keep in mind is that if that is a reversal point, it might take longer than expected for the imminent trend to reverse.
We might also see a small retracement and then a continuation of the uptrend.
I would ideally like to see a bull trap on the 4H chart and only then consider shorting GBPUSD.
So for now I will be staying on the sidelines and waiting for a potential entry.
If that does not come, I will just move on with my trading.