Classic Double Top!
Let's Start by admitting the fact that price action works like crisp in FOREX.
A beautiful breakout at $1.36459 made GBPUSD hit $1.37437 - $1.37493 Levels. Which happened to be a small time resistance level.
(During October 2021)
Price then reacted to the resistance and set up its camp down at $1.37007 Levels.
Selling pressure was still intact when it tried crossing $1.37437 - $1.37493 Levels again - 1st Indication for a possible Double top.
I.e, $1.37007 Levels Could possibly be the Neck Line.
Hah! That's what happened!
Price Almost respected our resistance level, and started its jouney downwards. - 2nd Indication for a Double Top.
EMA 9 Going below EMA 21 + RSI breaking its 47 levels Made themselves in the play for going short.
Candle at 7:30 with its good selling pressure and closing below the neckline confirmed the death of $1.37007 levels - THE FINAL INDICATION.
And the trade went on it's journey downwards as predicted.
A beautiful breakout at $1.36459 made GBPUSD hit $1.37437 - $1.37493 Levels. Which happened to be a small time resistance level.
(During October 2021)
Price then reacted to the resistance and set up its camp down at $1.37007 Levels.
Selling pressure was still intact when it tried crossing $1.37437 - $1.37493 Levels again - 1st Indication for a possible Double top.
I.e, $1.37007 Levels Could possibly be the Neck Line.
Hah! That's what happened!
Price Almost respected our resistance level, and started its jouney downwards. - 2nd Indication for a Double Top.
EMA 9 Going below EMA 21 + RSI breaking its 47 levels Made themselves in the play for going short.
Candle at 7:30 with its good selling pressure and closing below the neckline confirmed the death of $1.37007 levels - THE FINAL INDICATION.
And the trade went on it's journey downwards as predicted.
Penafian
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