Quick update - Excuse the horrible clashing 1hour chart, just posting this so I can compare notes from previous post. I got the 200EMA kiss, which put 100 or so pips on the GBPUSD.
Slightly confused and one I am going to watch play out on the 4 hour, the line chart looks like rising wedge, which I would expect to be bear movement to downside but candle sticks showing a more flat top wedge which I would expect (more often than not) a bullish continuation to the up side.
I am expecting the higher low candles will be a sign for the bulls... who knows.... no trade on this, just wanting to keep eyes peeled.
1 Hour
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4 Hour GBPUSD - Closing line.
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GBPUSD 4hr
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Set a pending short which triggered whilst at work, this was on the short breakout of the wedge - yield of 60pips my TP was pre-set to the 200 EMA and it smacked it right on the nose, my wave count remains unchanged and looks a little premature. Hide and wait...
So the learning from this, rising wedge forming on the close line chart played out albeit not dramatically. Looks like this pair has slipped into side ways movement which I may stay away from, but yet again has has a positive retest of the 200EMA (hourly), so will this be springboard up to a monthly high?