Here is my analysis on GU for today. I took a short, could be a bit early. It’s possible that the price will come back up to 1.56 area.
I started from Weekly all the way down to H1. All timeframes indicated a downtrend and no signs of the trend ending. H1 is showing a compression and a possible expansion after. This is all based on candlesticks and trendlines. During the compression followed by the breakout, there is a possibility of a small spike upwards.
Keep it simple. Pay attention to each and every candle. Read its size of the body compared to the others. Look at the rejections near key levels and trend lines. By looking at the rejection I mean look to see how big the rejected candle is compared to the previous and the reaction after. It may have been a false rejection. Understand what the candle body and the wicks are telling you. Each candle represents the physcology of the traders that participated and also those of who chose not to participate. It’s all there like a book to be read
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Focus, Patience, Determination & Order in chaos