British Pound / U.S. DollarUpdated GBPUSD - Short setup
Will the bouncing continue?
We see a clearly defined, triangle-narrowing movement on this pair as we're respecting both structure and trendlines more and more lately. We're heading into a triangle, and price-action seems pretty determined.
IF it continues we could pick up some profit on the way. It might aswell be a trap, with a break to the upside.
I chose to enter, because of above, and we also see a double top, respecting the trendline, and we ALMOST see a 2618 in the 15 minute chart (bearish candle did not close below the lowest low of the V point between the double top) I did however initially base this setup on the hourly.
Risk to reward is good enough for me. No matter the outcome, it will be interesting to follow - will this pair stay determined on its bouncy narrowing route?
We see a clearly defined, triangle-narrowing movement on this pair as we're respecting both structure and trendlines more and more lately. We're heading into a triangle, and price-action seems pretty determined.
IF it continues we could pick up some profit on the way. It might aswell be a trap, with a break to the upside.
I chose to enter, because of above, and we also see a double top, respecting the trendline, and we ALMOST see a 2618 in the 15 minute chart (bearish candle did not close below the lowest low of the V point between the double top) I did however initially base this setup on the hourly.
Risk to reward is good enough for me. No matter the outcome, it will be interesting to follow - will this pair stay determined on its bouncy narrowing route?
Trade closed: target reached
Bat pattern is now completing, seen best on the hourly
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