gbpusd reversal in sight on the daily

27. Okt. 2018

I don't wanna sound too bullish. Objectively, price is still bearish in the short term. The weekend bounce may be due to aversion to weekend slippage, bears will sell on short-term retracements, & price can go below the previous week low of 1.278. However, I'm almost 100% sure that 1.275 is gonna see a lot of support as there's a lot of confluence. Any SL should be at the swing low of 1.265.
If price dips below 1.27 all hell has broken loose and god knows where the next support is. The pair is oversold on the 4hr and nearing oversold on the daily, so that is unlikely.

Conservative traders can wait and see price action at the 1.288 zones. If price breaks this level with volume, wait for a bull flag & then place a long order above. Else, eye the 1.275 zones and wait for RSI divergence.

I'm an aggressive trader & i've already entered this trade at 1.28. Even if price does hit the 1.288 resistance and dips below the weekly low, I'm just gonna add to my position size. I don't want to miss this trade


I'm a new trader & u can take this analysis with a grain of salt. Hope i'm not wrong as i'm risking 10% capital on this big one.