Gu trend flipping short?
Gu currently dropping below my important 2 line (red) 20 week zone here which is indicating a bearish sign at least for the next coming week. The blue lines on my chart indicate another cycle at play that moves faster than the red one that also indicates the nearest line as resistance at 1.36599 with a mirrored angle at 1.34199. Although I do not need the full move to finish my phase 1 challenge, there is a likelihood that 1.34199 will be touched this week but I will only be aiming for the break of the previous week low. Finally we have the white lines that we can find at least 1- 2 entries a day that show up everyday but when you have 2 white lines such as these that are moving this close together it usually indicates a larger reversal is underway. Often times the chart may find confluence between the white support and resistance lines and the larger ones that line up either perfectly or within pips of each other. I am a seller at 1.36550 with a stop at 1.368 targeting last weeks low. If it does move higher than that for some reason then my alt short will be at 1.368 stops at 1.370 still targeting last weeks low at least! Good luck and happy trading!