GBPUSD Intraday Snapshot (Trend, Levels, News, More)

Trend (short-term): DOWN
Market Background (mid-term): WEAK
Supply/Demand: N/A
Support (nearest): 1.26618
Resistance (nearest): 1.3044
Next Event: Net Lending to Individuals m/m (0h 29m)
Next High Impact Event: CB Consumer Confidence (1d 4h 59m)
Volatility: LOW (-16% avg.)
Daily Range (Expected): 1.2787 – 1.2875 / 40% of avg. daily range Completed

HIGHLIGHTS:

  • Recent Institutional Selling detected
  • Nearby Long-term Support at 1.2785

GBPUSD

Here is a good example when we should not trade. The downtrend is looking good, the background is weak, we have a supply signal from VSA, so everything is fine, BUT Friday closed with two demand signals on the same area and we have Nearby Long-term Support at 1.2785. So even if this setup wins today, you should consider ignoring these trades because, in the long run, they will bleed your account.

 

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1 comment

Andrii said:

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October 29, 2018 at 4:43 pm

Excellent example!

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