Rejection on either 1.62009 or the 61.8% fib (1.62233) on 4 hour time frame will be a good time to start adding short position to GBPCAD. A good place to take half profit would be at the 50% fib level (1.61565) and leave the rest of the trade running risk free.
EURGBP - Currently on our watchlist, if the 1 hour candle chart (right) settles and closes under the green box, we will look to start adding a few short positions. We will begin taking full profit at the 50% fib level (0.91078)
Trade Idea
The previous days bearish outside candle has led to further selling.
With our medium term bias looking to buy dips and the short term bias indicating selling interest we are faced with mixed signals.
The move lower is mixed and volatile, common in corrective sequences.
Expect trading to remain mixed and volatile.
Bias is mildly bearish today but we...
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Trade Idea
Price action looks to be forming a top.
In line with the possible early stages of a head & shoulders pattern and the strong rejection of gains, we look to set shorts in anticipation of a swing lower.
We have a 50% Fibonacci pullback level of 0.9207 from 0.9090 to 0.9324.
There is scope for mild buying at the open but gains should be limited.
Further...
EURGBP ... Possible Head & Shoulders???
This has the potential to be a beautiful Trade.
Here are my Confluences:
Confluence 1 - H&S
Confluence 2 - 4hr 50EMA.
Confluence 3 - Equal Movements on H&S
Confluence 4 - Rejection at the 38.20% FIB
For a more exact execution scale down to the 1hr/15 min looking for that rejection in our target area and then look for...
Really boring consolidation last week as we see a very weak Phase 2 movement
Look out for an exhaustion candle move up this week and if price stays below 0.6850-60 then there is a potential for a Phase 1 move back to the downside
A move above the level could signal that the weekly chart has bottomed out. Interesting to note that the Pre-Election seasonal cycle...
As we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=118.05.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: R1=118.75.
TP4: R2=119.05.
Set the stoploss of these orders at breakout of S2=117.95.
Stop and reverse:
If trend gets reversed, sell (stop) orders will be opened at breakout of...
Basic fib clustering technique combining multiple timeframe trend analysis to get high accuracy entries with a larger R:R.
Using the current 4hr bullish trend to enter a long trade on the ent higher low, Fib & TL bounce.
I am aiming for the target trend fib -0.27 extension to maximise reward:risk ratio.
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