HR News: Fri.
OBSERVATION: After last weeks breakout price is rising again as it seems that the market have digested last weeks news but it could just be for a retest, I have marked two possible retest zones. Will monitor this pair for a suitable entry.
There seems to be this possible XABCD pattern that will be occurring when the market hits the resistance level. This is a possible reason on why it may reverse at this level, it is due to the fact that the when formation hit A at that level, prices started to go underbelly aggressively so I am hoping for a move similar to that previous downtrend.
GBPUSD ranging between well tested support and resistance levels at 1.215 and 1.26.
Based on existing uncertainty surrounding Brexit, and fears of 'Trump Rally' reversal I hesitate to predict the trend going forward, but as 'Brexit' appears to be at least partially priced in, I'm more comfortable buying below support, with a tight SL, and TP at 1.26. This...
There seems to be a possible double bottom formation occurring around the 5.35 area.
The first V sectioned of the market shows a reversal upwards and the next V section shows even more upward momentum.
I'm hopefully waiting for it to hit the 5.35 area so I can buy it and go long and I will take another trade straight after the first one takes profit cause of...
USDJPY – 19/03/2017
The value of trading trend channels is that the trader can trade short term, or look for a breaking of the trend line. Be wary of intraday breaks and fakeouts.
Point 3 the trendline was violated on an intraday basis but then closed in the direction of the original trend.
The RSI is also supporting this analysis of a bounce.
Price jut completed an ABCD pattern and is showing a retrace from the D extension which coincides with a monthly support zone of 118.00. I am anticipating price to get up to 120.00 zone which is in line with the fib i have place from the most recent lower high and 'Roof' of my EMA. The confluences are amazing on this pair!
As we saw trumps victory caused huge volatility yesterday , however we are still looking for a target zone of around the 1.23000 area possibly even lower. Im still very bullish on this pair as Im expecting a huge rebound to the upside once we are in the 1.23000 zone. but for now small short position. 100 pips or so.