GOOD EVENING STEEMIT!
This is a setup I have borrowed from @furious-one's Sunday chart dump and I think it is red hot.
We've got a confluence of higher time frame resistance and now I'm just waiting on that last little intraday failure as confirmation to get short and to give me that tradable risk:reward.
I've talked enough shit on the blog lately so I'm going to leave the setup to do my talking for me tonight.
Here we go!
CHART ART
With the DXY actually finding some support this week, all the majors have come off their highs. Cable is a good example of support in DXY lining up with resistance in the majors.
Just take a look at the weekly:
GBP/USD Weekly:
A pretty obvious weekly trend line, lining up with the top of a countertrend flag top. You can't ask for much more that that when it come to finding higher time frame resistance levels.
You might say that the bearish trend line can be drawn 10 different ways, and I totally agree. They are subjective as fuck and it's annoying if you're trying to use it as a hard level, but we're not. It's just a resistance zone to make sure we're trading in the right overall direction.
Our entries are going to come off the intraday charts where we can more confidently look for horizontal levels. Take a look at the 4 hourly below:
GBP/USD 4 Hourly:
We have a nice intraday rising wedge forming at higher time frame resistance. The textbook would lead you to believe that THIS IS PRETTY FUCKING BEARISH.
With price breaking the low of the wedge today, I'm looking to short any pullbacks into that marked zone.
What do you think? Leave a comment and share a chart with your own thoughts and setup.
Peace!
Related @forexbrokr CHART ART Blogs
CHART ART: STEEM/BTC Hits Confluence of Short and Long Term Resistance
Instagram: @forexbrokr
Website: www.forexbrokr.com
Thanks for your precious advice. They are very useful for beginners like me.
No worries.
Definitely find a pattern that works for you and look to trade the same thing over and over.
I love wedges and I love when prices start to go up, sounds like a win win to me haha
Thanks man.
I hope being conservative and waiting for a pullback means I haven't missed the boat.
In the year and a half that i've been fully into crypto I prolly say that on a weekly basis, "I hope I didnt miss it" I'm saying it right now about NEO, but what i have come to learn is that there will always be another coin taking off. The future is bright
Cheers man, good to see someone elses take on this. Always good to read your's bro as you are much more thorough than me
But you get through a ton more charts. Which is more beneficial?...
Hehe yeah, let's both keep doing our thing!
CHART ART !!! Cheers
Yeah... sure thing.
Good man awesome and amazing keep it up @tomkh
Lucky you upvoted yourself, because that comment was way to vague and spammy to get an upvote from me.
@for steemit friends We have to be passionate about what we do
Trading bitcoin good post
![image@for steemit friends We have to be passionate about what we (
If you're going to spam my posts with whatever the fuck this is, at least copy and paste your code right...
Chart art
Goo post trading you
I would love to hear more from you @forexbrokr. You gave me some insights.
Then follow along. There's plenty more where this came from!
Upvoted. I'm going to resteem this now :]
Girl, you so cool.