I we break below and close below the indicated trend line , then short to 12.7 , we have already retested.
Don't risk what you cant afford to lose. I am loaded so I can afford to lose a heap of Dosh.
If one were to plot the exchange rate between the US Dollar and the British Pound, since the beginning of the USD as a standalone currency, you would find one of the most consistent bear trends of the last 2-3 centuries.
If one were to look at the decline of the Pound against the USD from the end of WWII to the present day, you would find an even more defined...
Heading in to the key EU October summit to be held this Wednesday where Brexit will be discussed. Lots of positive Brexit talk in the last 2 weeks with the EU saying they're prepared to offer a "supercharged Brexit deal" and that "EU are ready to offer a deal" and most recently, German companies (specifically auto sector) putting pressure on the German govt -0.08%...
Looking to get long on the Cable this week, using this Gartley pattern as my entry reason. We also have some fib confluence with the 50% & 618% retracements of the last couple of moves up from higher timeframe.
after broken channel up last week, I think cable will drop, waiting for retest at descending trenline, potential head and shoulders forming at the chart, support at 1.129100 potensial downside target for the next week
We open long trade for GBPCHF
The reasons are:
While we are short-term GBP bears, we remain constructive on the medium-term
prospects for GBP – given our house-view that a politically acceptable withdrawal deal
will be struck between the UK and EU.
Based on the BOE’s latest r* estimates, we note that the term structure of UK interest
rates is around 75-100...
The British pound continues to trade towards the key 1.3300 resistance level against the US dollar, after another bullish weekly price-close. The British pound is also receiving a boost from UK Prime Minister Theresa May’s plans for a soft Brexit deal were revealed over the weekend. GBPUSD bulls will now need to hold price above the 1.3300 level for further upside...
Despite the GBP's surge on Friday following the reached agreement on migration between the EU and U.K the Pound still looks like it can print a new downside leg.
The Monthly candlestick closed below the key support region of 1.3250 and formed a hanging man candlestick which was mirrored on the Weekly timeframe also.
Here on the Daily timeframe, we can clearly...
Last post: June 21st. See chart.
Review: Price had triggered our short trade but finished the day bullish.
Update: Price continued to gain strength but is now at the daily 20sma which is acting as resistance.
Conclusion: Applying patience as we look for resistance to hold strong and for the bears to come back in. A break and close below support needed.
Last post: June 19th. See chart.
Review: Price was trading below pivot support but needed an end of day close below support to offer an entry point to go short.
Update: Price closed below support after which we placed our entry order. The short trade was triggered today.
Conclusion: Price has reversed but we expect price to move against us first. Would now...
The break below previous support at 1.32 amid a strong downtrend signals lower prices
Two possible scenarios after today's vote in UK parliament over Brexit
A) former support at 1.32 is resistance and downtrend resumes toward 1.305
B) price closes back above 1.32 signalling a rangebound market and an eventual re-test of 1.347
Last post: June 14th. See chart.
Review: Price had weakened over 100 pips since bouncing off resistance but needed to break and close below support.
Update: Price is currently trading below support but need to see a close below support by the end of the trading day.
Conclusion: Applying patience to see if the break and close is confirmed which will suggest...
Last post: June 10th. See chart.
Review: Price had pulled back to a resistance zone and producing indecision candles, a good sign of exhaustion in the pullback.
Update: Price has weakened over 100 pips today but a break and close of the pivot support is still required.
Conclusion: Standing aside until the low of May is cleared for entry points into the bear...