SHORT POSITION ON GBPUSD

4 сент. 2019 г.

From my analysis the price is making a higher and has been overstretched showing some reversal candlestick pattern at this point. on the 15mins charts there is a long-legged doji and an hanging forming at the area of value(resistance zone) and on the 1hr chart there is a cross doji which shows a strong rejection from the resistance zone which signifies a bear pressure is coming into force. Also following the price action rule this pattern is forming a M pattern which is a symbols of short. Moreover with reference to my RSI at the 1hr chart it at the overbought zone which implies price will fall also to confirm this at the 15min chart my rsi is making a bearish divergence while price is making a higher high which is a symbol for my confirmation of entry. My take profit should be 2R to 3R from my entry point before price will reverse.