GBP/USD POTENTIAL SHORT IDEA.
FUNDAMENTAL BIAS - FOMC Press Conference,Core Retail Sales , crude oil inventories all major news circulating USD pair was negative from last week projecting a sell bias on USD pair , however much more will also project the bias this week for this pair which depend on the news 21st march 1400 hrs UK time when FED chairman Powell speaks. however i am only interested on selling opportunities if it arises , if not i will be keeping my hands tight .
TECHNICAL BIAS- With the trading strategy i trade , which compromises of market maker theory and price action trading , this pair has completed a three level cycle on a DAILY TF and should be in line to reverse back to major fib levels or 2 levels opposite ( which is if the trend was up , go down 2 level n vice versa ).
- With mm theory i follow , it looks like there is a second leg forming up before it reverse. And i am looking to trade 2nd leg going down , before it reverses.
- currently in 4hr TF the price is also showing a mini range on 1.318 level , which previously has also been a strong resistance zone , but also been broken. so if it shows shorts opportunities in 4hr TF and is supported by news n currency strength will look to go short.
In general i would only be trading this pair to see short opportunities this week most likely TP 1.300 zone and stop loss accordingly , that is if every thing is aligned as mentioned above .
TECHNICAL BIAS- With the trading strategy i trade , which compromises of market maker theory and price action trading , this pair has completed a three level cycle on a DAILY TF and should be in line to reverse back to major fib levels or 2 levels opposite ( which is if the trend was up , go down 2 level n vice versa ).
- With mm theory i follow , it looks like there is a second leg forming up before it reverse. And i am looking to trade 2nd leg going down , before it reverses.
- currently in 4hr TF the price is also showing a mini range on 1.318 level , which previously has also been a strong resistance zone , but also been broken. so if it shows shorts opportunities in 4hr TF and is supported by news n currency strength will look to go short.
In general i would only be trading this pair to see short opportunities this week most likely TP 1.300 zone and stop loss accordingly , that is if every thing is aligned as mentioned above .
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