Inspired by an indicator I found on stevehopwoodforex.com and the endless possibilities of tradingview.com I came up with this currency strength visualisation concept. *Please hit the zoom-out button once* (or more if you're feeling wild) This may look like a mess, but the last few "bars" on the chart are holding some useful information! I'm sure I'm not the...
Cable broke from the previous range this morning with a move above 1,6610 marked level, after disapointing manufacturing PMI data it droped back and tested that level from above. If that breakout is valid then we should follow up now towards 1,666 ressistance level. Keep in mind that manufacturing PMI's aren't influecning Pound so much beacouse of how brisitsh...
Heads up for the Bat pattern guys. I'm still bullish in GBPUSD for medium term also.
GBP/AUD currency pair is close to an important support near 1,772 level which is 2014 low and possible wave 3 end. If we take away the fact that 5 wave structure should be in the bigger trend direction (which is an uptrend on bigger time frames for GBP/AUD) then the downside scenario is valid and if price manages to go lower then 1,772 low then way to 1,74 and...
After trading the Pound to the short side off after the March high E-Target was identified, it went into a consolidation pattern and though it came close to the 61.8% retracement, it never closed above it. This kept the Short N-target in play. Price has started moving away from the Tenkan-sen and I would expect to see a reversal sometime in the next two weeks...
It remains that the ongoing improvements in unemployment, a lagging economic indicator, coupled with a solid recovery should eventually lead to a rise in wage growth. As a result, the current weak earning growth may not reflect the current health of the job market as it is an even more lagging indicator than unemployment. Furthermore, the 2-3% rise in the national...
On this pair here is what i think is going to happen: First the pair would go short until it reach the 382 of the july 8 2013 trend up. Now im not saying it would go beyond that but im not saying i wont. Depends on the price action, now we should take profit in that area after making some in the short trade. Observe that this is a weekly chart and if we are...
This pair found support at 61.8% Fibonacci retracement of the last big swing high. This level was also a great bouncing zone in the past. Recently on the first bottom of the pattern, RSI was extremelly oversold. Action: wait for a double bottom to complete at that level and buy next candle if RSI bullish divergence is in place.
Waiting for the 1,67 if th bearish presusre continue, need break the B Area of Support. the bounce in this level can be good for Long shoots. :) in MY Humble View.
Friday's drop opened up the Head and Shoulders scenario for the GBP/JPY currency pair, price managed to break and close under the neck line and so far it stays below. That would mean there's an posibility to enter short trade at current price level targeting levels close to 170 as that would be the H&S formation range. But there are few "IF" on that entry that...
GPB is at 78.6% fib retracement area - support area which may hold. Fridays bit disappointing US data, may see pull back GBP to resistance area - 1.7 - RSI strongly oversold being at 10.12 supports idea of retracement to 1.7 key very psychological level for GBP. worth noticing is that last week was 4th in a row of correction in GBP. I would be looking to place...
Bullish Bat Pattern on the 4h GBPCHF. The 886 is being hit at some decent support as well. There is a small showing of 'hidden' bullish momentum divergence (I'd like to see more of a discrepancy but not a deal breaker to see this as a good trade opportunity.) Looking for a retest of the 'B' Point.
I'm a little late on getting this idea posted, but we had an abundance of advanced pattern trading opportunities setting up as my live trading session came to a close. Some have since rallied and some have been stopped out. This particular one is still at market and for those who like to take more of a conservative approach, may be putting in a retest of structure...
The situation is very optimal for a buy with targets at 0.815 and 0.82 or 0.83 in extension.
GBPUSD bullish move has lost steam. Price action may move towards the support @ 1.6745. Short term we may see a small pullback to 1.7041 handle which has become resistance unless broken. This could be the time to short. RSI below 50 may also give confirmation. Long term bearish sentiment may take it to yearly pivot and 0.5 FIB level @ 1.6000 handle.
Wait for a candle to break below, close below the B point. Sell on retest. T1: at bullish Butterfly completion T2: at area of confluence of minor Fibo level with old major structure
New lower low, waiting for retest of previous low. Sell at confluence with 50% fibonacci retracement of the last swing low. T1 at structure (blue dotted line) which is 1.27 fibonacci extension of the last swing low as well. T2 at 61.8% retracement of the main swing high in this chart
With the CAD pairs popping today some of the longer term patterns are starting to come close to completing. Bearish GBPCAD cypher set up completes at an area of structure, with the big wick on the x leg not closing above previous resistance levels. Current set-up comes off another big winner on previous bullish cypher pattern completion!!