Forex Trade Setup Nov. 18th

Verified Profitable Trader

GBPUSD – Not impressing
After the strong sell-off in the GBPUSD, the pair has started to recover a little bit but the climb is not impressive.
Since its temp. bottom happened around 1.5850, the pair has been flailing along being bought up for 4hrs, then sold off, then bought up, then sold off.  Although its climbing, its not doing so in an aggressive or impulsive fashion.  This suggests lack of confidence and strong money behind the bounce which we feel will fail.  Where?

At the 20ema which has already rejected price 1x and we feel will hold the upside barring any major news which should hurt the USD.

Here is another look at 1hr time frame which shows a relative flag pattern but also how un-impressive the buying is.  We feel this will be faded and any major rallies will be sold pushing the pair back to 1.5850 and below likely going after the 1.5650 double bottom from Oct. 19th and 22nd.

This is just some of the techniques and methods we use to trade the markets.  If you are interested in learning these methods further, then make sure to check out our Price Action Courses for further training where you can also join a community of traders and get permanent access to our forum for continual education.  For more information about our services, visit

Want More? My private members get all my trade ideas & market commentary 4x per week. Click here to become a member.

Related Article