Hi Traders! GBPUSD sell idea update and follow up is here. On March 25th I shared this “GBPUSD Sell Idea After Bearish Trend Pattern” post in trading view. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available!
My Idea
GBPUSD H4(4 Hours) Chart Current Scenario
On the H4 chart, my view was bearish and I was expecting the price to move lower further until the invalidation zone holds. After the bearish trend pattern, we had a pullback, and most importantly the price was holding below the invalidation zone. This pullback happened in the form of an ABCD pattern with the price creating a bearish divergence between the first high that has formed at 1.38463 and the second high that has formed at 1.39181 based on the MACD indicator. We may consider these as facts provided by the market supporting the bearish view, and also there were no signs opposing this bearish view. The price then moved lower further as I expected it to and delivered around 200 pips move so far.
As traders we always have two choices, the first one is to fall in love with our analysis and try to convince the market and expect the price to move in the direction as per our wish. The second one is to follow the facts that the market provides us and make the right actions according to that. As you know the first option won’t help us and as you can see in the example above what happened when we followed the facts that the market hinted us and took the right action according to that.
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To your success,
Vladimir Ribakov
Certified Financial Technician
