Now we see the formation of a potential bottom.
Other factors, descending trend line with multiple touches. If we see a re test of the highlighted lower zone and another touch of the trend line then i am looking for a push to the upside. However with the corona virus and the recent news of a lockdown we may see violent behaviour across all pound pairs. Be careful...
Lovely little set up here. GBPJPY approaching a double bottom set up and a key buy zone historically.
Confluences for this trade
1. Need to see price reach same area as previous bottom. If not i will not take the trade. Once reached look for continues rejection probably on lower time frames (15 min and 30 min).
2. This pair has dropped a lot recently so normally...
- Good opportunity to make a quick short-term long trade on the GBP/USD here with a double bottom (more or less) formed on the 15-min chart
- If all goes to plan, then the price could deflect entirely off the $1.286 - $1.285 support levels (thick double red horizontal lines), and send the pair beyond $1.29 (green horizontal resistance line) to reach the next...
Head and shoulders formed above with default projections at 200% fib extension (1.09533);
Bullish crab and shark patterns projected at 1.09593 at 161,8% fib extension;
Eventual double bottom: neck and validation point above 1.10956 (daily fractal resistance) & default target above one broken neck around 1.11997.
1) Price has formed a double bottom on the daily chart
2) Price may bounce off thosprize zone and continue to the upside
3) Price has rejected 1.0344 price zone historically in the past (one being a very long wick)
1] (On the smaller time frames) If price breaks recent downward trend, and then retests, that will comfirm movement to the upside for me.
- A double bottom has formed at a key level as you can see.
- We also have a break of a Descending Wedge which signals a bullish bias.
- Will be looking to take a long position if we get a pullback to the area on confluence where we have the 0.618 retracement, double bottom neckline and outside of the descending wedge.
- Will enter upon confirmation of a...
minor res broken forming 2nd bottom on trend line
(GO DOWN TO 4HR TO ASSESS SITUATION AND FIND RIGHT ENTRY FOR YOURSELF)
P.A- 0.63000 for early entry ( this level is prone to getting triggered early af if price decides to be on some bs) could be a good outcome or bad , close to current price (good stops and lot size can save you )
P.A-0.63249 safe entry after res...
Double bottom on the price of UK OIL with bullish divergence on the RSI on the daily chart,
Good entry for longs and taking profits at $62 where the 20 MA is at at the moment , price in case of an uptrend most likely will travel towards that level,
Also Fibonacci taken from the high to low of the descending channel we have been trading in for the last few...
GBPJPY is correcting lower towards key supports at 130.70 & 130.05.
Looking to buy a dip towards here in anticipation of higher prices in the short term.
Posted a Double Bottom formation.
Price action has broken from the previous formation.
A mild correction has been posted from yesterday’s high, this is seen as a retest of the breakout level.
Looking to go short US dollar versus Swiss Franc as the pair tap the descending trendline that has held since April and is highlighted in our trading view chart . The re tap again yesterday coincides with reaching overbought levels on stochastics. Given the market has been challenging recently we have have waited for confirmation of a cross over...