GBPUSD 1HR - ADVANCED PATTERNS TREND CONTINUATION ANALYSIS
Hi Traders, thought to get this analysis up for those who trade this pair and things we have going on, I have already published the recent 4HR Big Bat Pattern.
As price action climbs towards our 88.6% Entry level, we can see some other things forming at the moment. Price action is just sitting at our 1.272 Fib Ext from both the Cypher's X Leg to A leg, and also that psychological price level 1.32000
We can also see a trend continuation trade here as we have created a new structure high, if you follow it down we see NSL New structure low, then a test of that structure, breaking upwards of the NSL Outside return, then a retest creating our Initial Structure High, look left the purple arrow resistance then becomes support. We then break above for another retest, again previous resistance becomes support, and there we have a NSH New Structure high with potential of price action continuing upwards. Trend traders would look for a pull back for the retest looking to enter as previous resistance should become support.
If we fall below this retest from the current position where price action is we also have a potential long opportunity for 2 Cypher Patterns. Keeping in mind these 2 patterns are only valid if we do not close above the 1.414 Fib Ext of our Cypher XA Leg - either way if price falls now or continues upwards we have some opportunities.
If price action falls below from this current position, closer to our B Legs for the Small Cypher, I will post up the 2 x Cyphers with the Entry and Targets.
As price action climbs towards our 88.6% Entry level, we can see some other things forming at the moment. Price action is just sitting at our 1.272 Fib Ext from both the Cypher's X Leg to A leg, and also that psychological price level 1.32000
We can also see a trend continuation trade here as we have created a new structure high, if you follow it down we see NSL New structure low, then a test of that structure, breaking upwards of the NSL Outside return, then a retest creating our Initial Structure High, look left the purple arrow resistance then becomes support. We then break above for another retest, again previous resistance becomes support, and there we have a NSH New Structure high with potential of price action continuing upwards. Trend traders would look for a pull back for the retest looking to enter as previous resistance should become support.
If we fall below this retest from the current position where price action is we also have a potential long opportunity for 2 Cypher Patterns. Keeping in mind these 2 patterns are only valid if we do not close above the 1.414 Fib Ext of our Cypher XA Leg - either way if price falls now or continues upwards we have some opportunities.
If price action falls below from this current position, closer to our B Legs for the Small Cypher, I will post up the 2 x Cyphers with the Entry and Targets.
Comment:
I wont publish these 2 potential cyphers, we see now at that level where trend traders would be buying up. If we break and close below look for the 78.6% Cypher Entry for the small Cypher. If we violate the X Leg on the small one look for the second entry for the large Cypher.
Comment:
We have hit entry on the small CYPHER
Comment:
Targets Adjusted TP1 - 1.31321 - TP2 1.31628