gbpusd

Will be looking for a bear flag continuation on this pair. I called a short last week got in the trade a little early but got out in BE. It impulsed above the resistance line then consolidated and then impulsed down and created a bear flag structure where i got in on an evening star patter and up 200 pips on that first trade. Will be looking to scale in another trade after this impulse because the market goes in a cycle Impulse > correction > impulse > and so on. we just had an impulsive move and are in a middle of a corrective phase so the next phase is an impulse. This pair has been doing a bear flag formation which adds to my confluence for more further downside. Will be taking another position if it correctively retest the ray line above for a steeper flag formation or if it creates a tighter looking flag and will be taking a risk entry trade on the second tap of the trend line.