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UK OIL & GAS PLC ORD 0.01P, LLOYDS BANKING GROUP PLC ORD 10P, VAST RESOURCES PLC ORD 0.1P, FRONTERA RESOURCES CORPORATION ORD SHS USD0.00004 (DI), VODAFONE GROUP PLC ORD USD0.20 20/21, PREMIER AFRICAN MINERALS LIMITED ORD NPV (DI)
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We have had the break and retest with immediate rejection of the trendline here as shown which lined up nicely with a former swing low point.
However, we have failed to go ahead and make a new lower low. I would look to see how price reacts around the most recent high and make a decision on my bias from there.
Start of the pound recovery? Possible idea if 134.000 breaks
EJ - Pullback then 128.000?
Failure to close below the previous low could result in a bit of a pullback before seeing 128.000
reason on chart
Reasons to look at potentially going short;
- Third touch of descending trendline
- 61.8 fib retracement
- Back testing Short term support now possible resistance
- Heading towards dynamic resistance (200MA)
Things to consider before;
- A lot of buying pressure over the last few days (2 of 3 Strong Bullish Candle closures)
- DXY looking bullish, Could see some ...
Nice rejection from 79.500. If we maintain below this then the highlighted areas will be ones to look out for
1.60 Previous resistance and support level
1) Hammer recently printed-
2) Recent candlesticks portraying bulls failing to maintain bullish momentum.
3) D1 Fib levels indicating pullback to reach 0.618 level at a price of 1.20901
4) 3rd trend line bounce on upward trend line
Expecting Daily to make a new LL
2hr timeframe price making LL and LH
3rd trend line bounce in confluence with 61.8% fibonacci level
this might take us all the way to 2018 to fulfil . Amazing risk reward! its just an idea, please do not go ahead and start placing trades...
-Overall bearish move on Monthly chart
-Hammer look-alike printed on weekly zone (Weekly chart)
-0.236 fib level is minor zone and shooting star has printed
-PA is likely to retrace shortly to the CTL
-PA 3rd bounce on 4h trendline
-PA has formed a lower low, likely to form a lower high
-PA not on a zone but there is a short term opportunity
Doji printed on trendline
-Daily (thick blue) trendline was broken hence PA retesting the trendline as support
-R:R = 145.6pips:101.1pips 1:1.44
-Price Action retested minor zone
-further confirmed by 61.8% fib ratio
-Lower higher formed
-Next target level is the trendline support
-There is Bearish Big Belt candlestick pattern that printed on a weekly zone
-A Kangaroo Tail printed on the weekly timeframe
-Price action probably heading to the monthly zone in the long run
This looks to be a good setup , if you are going to take this setup remember to risk responsibly.
Self explanatory chart:
Bullish resistance broken indicating strong bullish sentiment
Approaching Monthly Resistance at 1.34600
Wait to see price action when it approaches monthly resistance
if price is ...
Hour 4 declining trend-line respect
21,SMA 8 EMA cross over
Potential short with GBP/JPY. Recently price has been trading in a wedge range. The support has been broken, re-tested and looks prime for a short. Before entry I need further confirmation from an EMA(8) and SMA(21) cross-over. My target (1) will be the next area of support at the weekly support 136.500.