What a week! Continual weakening on the TVC:DXY which caused my gold trade to fly through the roof at 320 Pips profit! Ive been thinking a massive economic reversal will be approaching since the lows in March due to the start of the UK's lockdown. My GBPUSD long positions have been consistently benefitting of this as I've been picking up long positions in the...
We discussed this market in the weekly trade ideas last week and how price was strangled within a tight range and box pattern.
Price has finally broken out of this consolidation and exploded higher.
The breakout traders who made this trade would not be sitting on handy profits whilst others could be looking for a second chance entry.
If price rotates lower back...
Price has finally snapped higher out of the consolidation box pattern it had been stuck in over the three weeks.
The last time price tried to breakout it quickly reversed and created a false break.
The old breakout resistance level looks key. For the breakout to remain a breakout and not a fakeout the old resistance will need to hold as a new support.
Fellow Traders! I have spotted a potential trading opportunity, GBP/USD (LONG)
Consolidation & Bullish Breakthrough
Resistance at a key support level
Rejection At Fib Level 61.80
Previous Strong Bullish Momentum
Price seems to be forming a double top at support zone
Possible continuation of the short trend.
In a state of consolidation right now.
Wait for confirmation candle...
Price may test this area before breaking through as it seems on the lesser timeframes.
- Bullish divergence on H4 using stochastics
- Breakout of the consolidation zone and mini channel on the H1
- Supported by monthly key level if price decides to retest the consolidation zone once again
- 90 pips target with 45 pips stop loss
- Bearish divergence on the H4 using stochastics
- Price seems to be rejecting the major daily resistance level of 114.33 and started to consolidate on the H1 before breaking out this zone to the downside
- Could see price heading towards 113.00 as it fulfils the fibonacci 38.2 level on the D1 as a well due retracement after consecutive bullish moves
Last post: April 18th. See chart .
Review: Price had just broken out of the previous resistance level.
Update: Price went back below the resistance level then went into consolidation, but has since made new highs and broken a higher resistance level.
Conclusion: We will be looking for long opportunities following the next breakout.
Any comments or questions,...
Last post: June 6th. See chart .
Review: Price was testing the support level.
Update: Price has since come down to test the support level which includes the 50 simple moving average, and is consolidating between the support and resistance level.
Conclusion: Applying patience and waiting for price to break through resistance before considering long trades...
Could be poised for a decisive breakdown as price is testing the bottom of the regression trend channel / 200 MA
For a bearish confirmation i'd like to see the channel breaks as well as the Jan 2018 low
Keeping tabs as long consolidations often lead to big breaks
This stock is featuring for the first time on our TradingView blogs.
Current setup: Price has just broken out of consolidation which lasted for several months.
Conclusion: We need to see price remain above the consolidation zone to make sure this is not a fake breakout. We will wait for the next breakout before looking for a trading opportunity.