10 Of My Favourite Charts & Trades From 2019
Some analysts were calling the GBPUSD pair long, going into today’s UK news events. I’m going to show you why that was a bad idea, based purely on the technicals.
The charts below are the 6B Futures contract, which is the equivalent of the GBPUSD pair on spot forex.
You can see that on the daily chart, price was at a pivot or “flip” zone which is acting as support and resistance.
If we now zoom down to a 1 hour chart, notice the supply zone which is in confluence with the daily pivot area.
Sometimes price will spike the zone by a few ticks as it did in this example, but it still succeeded in holding down price and rejecting from this area during the news. Having known this information, there is no way you would have been caught buying this pair!
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