GBPUSD: Bearish TCT

2014년 12월 8일

This trade was originally brought to our attention this weekend in Jason Stapleton's Forex Market Preview video "Studying Harmonics" ( youtube.com/watch?v=SirRW2UwpBw&list=UUe3O5ZLxQzGz4-nfl6XLEHQ ) As I take a look at it today price action (after creating a LLLC) has retested the previous level of support which should now act as resistance.

In addition to the structure level we also have a Fibonacci ratio cluster of retracements and an inversion. Lastly, we have hidden divergence on the RSI which is a sign for trend continuation. Of course when I say a sign, it doesn't mean it will happen everytime, but it's something that we can add to our score when breaking down this trade.

Akil Stokes
Head Currency Trader at Trade Empowered