Looking at US30 we can see a clear uptrend as we have been for some time now. We have recently made new highs once again and we are looking to make a pullback before possibly moving upwards. Personally I will wait to see price action around the marked zones and will place a trade if one presents. IF we break to the downside we could see a nice drop before pulling...
Price is at the 50 level of the last major fib retracement. There is structural resistance at this area. Price has formed a bearish bar out side the trend line. Price should continue downwards. Divergence is evidence.
We all love a pending order where we can set, forget and collect.
Set the order
- Pending buy @ 107.700
- Stop Loss @ 107.200
- Take Profit @ 110.00
- We can leave and forget our pending buy with some confidence due to the quality of the setup. This is a straight forward Fibonacci setup on a high timeframe, using a high timeframe adds weight to the price...
Waiting for price to reach the 618 level which is also previous support/resistance area. Will only be looking take longs once price reaches the area. If not, will look for another set up. Possibly a continuation set up for this pair.
Update to previous chart
behind the circles there’s a gan box the circles are never moved of fitted to price they are sized and positioned by a hidden gann box
Check my previous published chart this is part 2 just copied and pasted next to the left hand one using the No.1 fib circle as the square boundary (hidden gann box) I like patterns like these for good...
A retest of 105 may cause a strong break of which would see USD/JPY continue on its downside run, where as if it test and doesn't hold it may bounce up into a uptrend and in that case im looking for 107.500.
the chart remains simple and tidy, however, there are many different tools to indicate and support our directional bias, in this case, GBP/USD has shown extensive pressure towards the downside, however, the price was unable to penetrate the dynamic area of support 1.26000. Based on previous price action this area showed a lot of liquidity hence why became an area...