Reasons for
-On the four hour we have been testing that upper trend line for some time now and price simply aint breaking it
-Also we are putting in Lower Highs A sign of change of trend and a reversal
-We also have broken our Wedge to the downside which confirms bearish momentum
-We have also Held at the 0.618 Fib levels numerous times from the highs high on the up move
Therefore i believe the 4 hour timeframe is bearish
Daily
-On the daily we are clearly in a long term down trend
-There alot of wicks to the upside shows more selling pressure
-This pull up can be seen as a small correction
-After todays candle which is shaping up to close as a bearish engulfing if so A bearish reversal sign
-Also price closes bearish it would have engulfed almost 4 days worth of price action
-Fridays candle was a doji so this signifies indecision so price putting in a Bearish engulfing gives us the signal that we are going Bears again
-We also trading at a key level of 1.45000 that has stalled price and show RES
Therefore i believe the Daily is bearish
Weekly
-Firstly last weeks candle was a doji on our key level of 1.45000
-Yes i no we are only 2 Days into the week (Tuesday) But if this week carries on being bearish we could be looking at a long term selling setup But we will wait for that to happen
-We are clearly down trending on the weekly
The trend is your friend ;)
-So the bullish movement we've had over the past two weeks could be a simple correction before another move down and create another Leg down
-Also we are near all time lows so perhaps we are going to test that again before anymore bullish movement (LongTerm)
Therefore i am bearish on the weekly too
My Entry : 1.44350
3 Timeframes all bearish :)
Only 1-3% of account proper risk management
Trade safe
If you liked this analysis and Setup
Follow and give thumbs up Also id love to hear what you guys think of the setup :)
Wishing everyone a great trading Week :)
-On the four hour we have been testing that upper trend line for some time now and price simply aint breaking it
-Also we are putting in Lower Highs A sign of change of trend and a reversal
-We also have broken our Wedge to the downside which confirms bearish momentum
-We have also Held at the 0.618 Fib levels numerous times from the highs high on the up move
Therefore i believe the 4 hour timeframe is bearish
Daily
-On the daily we are clearly in a long term down trend
-There alot of wicks to the upside shows more selling pressure
-This pull up can be seen as a small correction
-After todays candle which is shaping up to close as a bearish engulfing if so A bearish reversal sign
-Also price closes bearish it would have engulfed almost 4 days worth of price action
-Fridays candle was a doji so this signifies indecision so price putting in a Bearish engulfing gives us the signal that we are going Bears again
-We also trading at a key level of 1.45000 that has stalled price and show RES
Therefore i believe the Daily is bearish
Weekly
-Firstly last weeks candle was a doji on our key level of 1.45000
-Yes i no we are only 2 Days into the week (Tuesday) But if this week carries on being bearish we could be looking at a long term selling setup But we will wait for that to happen
-We are clearly down trending on the weekly
The trend is your friend ;)
-So the bullish movement we've had over the past two weeks could be a simple correction before another move down and create another Leg down
-Also we are near all time lows so perhaps we are going to test that again before anymore bullish movement (LongTerm)
Therefore i am bearish on the weekly too
My Entry : 1.44350
3 Timeframes all bearish :)
Only 1-3% of account proper risk management
Trade safe
If you liked this analysis and Setup
Follow and give thumbs up Also id love to hear what you guys think of the setup :)
Wishing everyone a great trading Week :)
due to Major news For GBP
so may close 10 minutes before depending on how the trade looks :)