GBPUSD Descending Triangle LH Short
Feedback appreciated!
Chart Key:
Pink - Key points dating back to 1985
Red Rectangle - Large Resistance Area
Light Blue Rectangle - Support of range 1.310-1.3133
GBP/USD has fallen into a descending triangle that can present us with a nice short opportunity to sell the lower high.
Two lower highs have formed and we are awaiting the third.
The price just recently broke the 1.310 area which is acting as support.
Once we see a retest of the upper TL to provide us with a LH the price could drop to the lower TL of the descending triangle. When this happens it can find support to continue the triangle pattern or provide a large short opportunity if a break occurs.
I am awaiting a price of ~1.3250 as the LH.
SL at 1.3388 as this will invalidate the possibility of a lower high.
TP 1 set above 1.618 fib (1.2974) and key price point dating back to 1985 ~1.300.
TP 2 at bottom of descending triangle ~1.2917.
If the descending triangle is invalidated with no lower high we can see a bounce off of the daily TL.
This TL is near a larger resistance area (highlighted with red rectangle) that contains the gap from the 24th of June and a key point ~1.350 (pink) .
The SL for this trade is above the resistance area ~1.3680
Can use both TPs from first trade or 1.310 support area (blue).
Once the large resistance area is broken I would be interested in long positions.
Thank you feel free to like and follow!
Chart Key:
Pink - Key points dating back to 1985
Red Rectangle - Large Resistance Area
Light Blue Rectangle - Support of range 1.310-1.3133
GBP/USD has fallen into a descending triangle that can present us with a nice short opportunity to sell the lower high.
Two lower highs have formed and we are awaiting the third.
The price just recently broke the 1.310 area which is acting as support.
Once we see a retest of the upper TL to provide us with a LH the price could drop to the lower TL of the descending triangle. When this happens it can find support to continue the triangle pattern or provide a large short opportunity if a break occurs.
I am awaiting a price of ~1.3250 as the LH.
SL at 1.3388 as this will invalidate the possibility of a lower high.
TP 1 set above 1.618 fib (1.2974) and key price point dating back to 1985 ~1.300.
TP 2 at bottom of descending triangle ~1.2917.
If the descending triangle is invalidated with no lower high we can see a bounce off of the daily TL.
This TL is near a larger resistance area (highlighted with red rectangle) that contains the gap from the 24th of June and a key point ~1.350 (pink) .
The SL for this trade is above the resistance area ~1.3680
Can use both TPs from first trade or 1.310 support area (blue).
Once the large resistance area is broken I would be interested in long positions.
Thank you feel free to like and follow!
Komen:
UPDATE: Price just broke through key 1.31 AREA we can see price back to that price then down to TP 1 area. MORE LIKELY possibly is back to 1.31 and up because of HHs.
