FX:AUDUSD. I have entered a counter trend trade on this pair. Price has come up to the 6200 level which is a previous level of structure. After a massive rally up. If this goes in my direction I will trail my stop down.
GBP/USD May fall 80-100 pips
Insight - Price has pushed back up just below resistance at 1.2222 and support now at 1.2040 after forming a double bottom. Two touches at the resistance line after possibly a third rejection, this could mean more downside if entry for the sort is reached.
Intraday - 4H
Sell or Below 1.2040
with Covid-19 currently I'm being careful trading, reduced my position size
Possible sell set up, depends where the 1 hr candle closes. but I do see some strength coming back in the pound so may see a break
Depending on market open, we could see a gap to the upside to help gain a better entry. Im confident with recent price action for us to continue lower, as well as global macroeconomics to keep pulling us down. Wether we fall from hereat 1500 or peak at 1560 is not clear, but with that being said, if you scale in you short positions every 200 pips, you can increase...
As you can see on the 15 min chart it is respecting the channel.
I have been scalping between the channels using the bollingers, currently waiting to go long or short depending on the break of the channel.
Yesterday I used this strategy with 1 hour charts and it played out perfectly.
GBP/USD May rise 100-150 pips
Insight -Price moving in a downwards trend, has broken previous support level with price now
below the 23% on the fib, may hit lower support at 1.2763, then test resistance at 1.2847 and go
long then reverse once price is at the golden zone.
Intraday - Buy
Buy or Above: 1.2763
Target TP: 1.2847 & 1.2915
not much to talk about, we opened gap up which is great and it looks like we aren't going to pullback too much.
£$ has already broken daily pivot points and looks like its testing R3 as support. we shall let the day tell us whats going on, lets wait for the yanks to wake up.
For now stick to the plan. BUY THE DIPS
So we nailed and some the Bullish retracement! However, the EURO has recovered too quickly. It launched back up to our 100MA (Blue) exactly as aniticpated, now with the Stoch.Osch & RSI indictors will tell you on the 4H & Daily that we need to come back down in a Bearish move towards our lower Support Zone and Trend Channel