(GBPUSD) Wed, 16 November 2022 Setup 3

16 nov 2022

GBPUSD

GBPUSD Short bias.
Status: Closed position

What do I see?
- Well as the Retail Sales MoM report reflects the bearish response, the bears will start to overtake the bulls. As what is already been planned, I gonna break even.

What I would do?
- I would seek to go short
- This time I'll do a trend trade, if the RQK (Rational Quadratic Kernel) creates a 40 degrees angle downwards, I'll go short. Supported with a bearish rejection pattern. The reason why I gonna go for a trend trade is that I'll aspect a big pullback by the bears, as you can see in the daily timeframe, the bulls got rejected hard and create a huge high wick.

Happy Trading! Good luck!