GBPUSD is forming a very nice sell signal in a very nice selling area. I have been watching this chart to see how it would react if reaching the highlighted zone. Today is the end of the week and I am hoping to see it close in a bearish pinbar. That will be my signal for a short position.
Its about the big global players, they all see the orders and postions of all traders. They manipulate the prices and hunting stop losses.
Helena_FX
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@HorstForex, Yes, a good question I am also curious. But if you look at previous weeks, for example, 3rd Aug, 10th Aug, and 17th Aug 3 weeks with similar sell signals and it didn't happen, especially the week 17th Aug I am sure that week probably 95% of traders on here were predicting the GBP to go south, but it didn't happen and I am sure this resulted in a lot of losing trades. No again we have a bearish pinbar which can be misleading.
JohnnyB61887
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@Helena_FX, Yes, but this zone aligns with monthly chart as well. I've been waiting for price to reach this area and form PA, not last weeks zone.