The Pound in down-trend for quite some time now. Not looking for bottoms here. Going with the trend.
First chart is the 8hr chart. Showing the Aggression Bar breakdown on October 3rd. Since then, all pops getting sold off.
Here showing the 15min chart.
Arrow #1 showing a breakout….no Aggression. It would’ve been a better looking short had there been some Aggression on that breakout.
Arrow #2 Nonetheless, the eventual failed breakout and then breakdown WITH Aggression proved to be a nice move.
Arrow #3 Aggression Bar exhaustion on the move down then bounce indicating a short term bottom could be in.
Arrow #4 The Pound retraced to the area of previous support and bounced again. Now we have some structure to break.
Arrow #5 Break down with Aggression Bars. Double Aggression in a row indicates that the volume and speed of the move is extreme. Traders are shorting and jumping with vigor.
Aggression Bars are my own creation. They help me to put the each market into context. They also help me to time trades when a market is leaving consolidation mode and entering trend mode. Check out the About page to see more on them.
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