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
Hello!
I'm a total rookie when it comes to trading, this is the first idea i'm sharing.... so you've been warned! mwah hahaha (gulp)
Would be great to see comments on this idea for a very short-term risky long position from market open to a longer-term (weekly) short from R Line.
I'm expecting NFP to be positive enough to make a difference this month......
Expectations are a decline.
Instructions - if trade flat or has not moved in the next 24 hours, take small loss or small profit.
Trade with caution, this is not financial advice.
Entry: Market
SL: 1.39550
TP: 1.36500
Expectations are a decline.
Instructions - if trade flat or has not moved in the next 24 hours, take small loss or small profit.
Trade with caution, this is not financial advice.
Entry: Market
SL: 1.39300
TP: 1.36500
Expectations are a decline.
Instructions - if trade flat or has not moved in the next 24 hours, take small loss or small profit.
Trade with caution, this is not financial advice.
Entry: Market
SL: 1.38500
TP: 1.36500
Confluences:
- Generally strong support and resistance zone formed
- Expecting a push to the 1.375 resistance zone
- Once we see a rejection at the 1.375 level we will look to sell at 1.373
Looking at GBPUSD (Cable) - I think we will be in a Bearish market for the first part of the week, commencing 30th December 2020.
Using Fibb Retracement from last weeks high/low points, we're currently sat in the 'Golden Zone'. A second confirmation candle has confirmed price has broken the Ascending Trend.
We are targeting the 23.60% Fibb level which sits just...
All annotations on graph fully explain my logic for this potential trade position which will need confirmation before entry, my first attempt of a live institutional set-up.
All feedback or comments are greatly appreciated!
Expectations are a decline.
Instructions - if trade flat or has not moved in the next 2 hours, take small loss or small profit.
Trade with caution, this is not financial advice.
Entry: Market
SL: 1.27491
TP: 1.26802
Expectations are a decline.
Instructions - if trade flat or has not moved in the next 2 hours, take small loss or small profit.
Trade with caution, this is not financial advice.
Entry: Market
SL: 1.30100
TP: 1.29300
Expectations are a decline.
Instructions - if trade flat or has not moved in the next 2 hours, take small loss or small profit.
Trade with caution, this is not financial advice.
Entry: Market
SL: 1.28640
TP: 1.28180
Based on analysis from last night, I am looking for an intraday momentum trade to the downside. We had a failed attempt by the bulls to push higher on the lower timeframes, which gave me confirmation for the trade. This is a 1:3RR on the 5 min timeframe. Let's see what happens.
GBP/USD May fall 100+ pips
Insight - Price is maintaining the downwards trend line. Resistance at 1.2237, support at 1.1996 has broken the monthly upwards trend line and is now approaching the downward trend line that supports the monthly descending channel, which could indicate further downside.
Intraday - 4H
Trade: Sell
Sell or Below 1.1996
Target TP:...
Sequel to my published idea below, the left side of the Head and Shoulders pattern is yet to complete. Now looking for a rejection on daily chart around the bearish order candle to short GBPUSD...
GBPUSD has now reached the defending trendline on the 1hr/4hr lower highs.
I have a Fibonacci Retracement cluster in this zone with the 0.618 and 0.786 levels providing a good potential resistance. There is also the descending trendline here and previous support zone.
Stop loss is 45pips above the current highs.
I am targeting previous lows for profit taking...
