GBPUSD Nice Bearish continuation structure…
13/03/2020…………1300hrs
I sold the Cable pre New York. One of my favorite set ups formed and i couldn’t miss it for nothing. Let’s take a look back at the analysis and execution of the trade.
Daily Chart
Yesterday the pair dropped and closed as a huge anchor candle(candle with big body). This means we are still bearish, thus the bearish bias. So today, we aim to get the best sell entry to continue the drop.
The Entry…
M30 Chart
At this moment, price is bouncing off resistance at 1.26200. To be safe, I waited for the M30 candle to close further below 1.26800 so as to give more bearish confirmation. Sure enough price did close below the confirmation area at 1300hrs, and what do we do when the structure is according to plan?… We EXECUTE…and wait to get paid.
what was my confirm?
- Double top at major Resistance
- Bearish closed candlestick on higher time frame
- The bearish candle broke the neckline of the double top.
- Daily Bearish trend
see a clearer image of the analysis below…
…and there we have it, a good Bearish continuation pattern.
Always be Patient and the trade will come to you.
