Hi Traders,
We are on GBP/USD 1-Hour
We can see we have a double-top forming.
I have highlighted the neck zone in yellow.
I would like to see the price close below the neck zone accompanied by strong volume.
The break of this neck zone would also confirm a break of the trend line.
I will then set a pending order to open up a short position.
We have partial divergence on the MACD Histogram but not on the MA Lines.
Entry Rules –
1) Price needs to close below the neck zone with conviction
2 )Price needs to retrace to the neck zone.
3) We need lower volume upon entry.
If those three conditions are met, then I will open a short position targeting 1.334 and then 1.3317.
Good luck to everyone trading today.
Trade safe.
Vortex
We are on GBP/USD 1-Hour
We can see we have a double-top forming.
I have highlighted the neck zone in yellow.
I would like to see the price close below the neck zone accompanied by strong volume.
The break of this neck zone would also confirm a break of the trend line.
I will then set a pending order to open up a short position.
We have partial divergence on the MACD Histogram but not on the MA Lines.
Entry Rules –
1) Price needs to close below the neck zone with conviction
2 )Price needs to retrace to the neck zone.
3) We need lower volume upon entry.
If those three conditions are met, then I will open a short position targeting 1.334 and then 1.3317.
Good luck to everyone trading today.
Trade safe.
Vortex
