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Fundamentals:- We are taking a short term Fundamental view on the GBP/USD at the moment. The USD has gone from strength to strength for many months now; every so often it will produce a pull back and some profit taking. The short term data has been a little worse than expected and with the MPC changing its interest rate vote recently we could see a continuation of ...
I spotted a fib retracement that hit the 50% retracement line and bounced off. Its headed towards Target 1 on the fib retracement 0.6
I then spotted my previous completed harmonic. We have already hit the 0.3 target so we are prob headed for the 0.6 target.
Target 1 is about 100 pips and target 2 about 200-odd
Its been a while since I entered with this setup, but this one had a case with historical support and resistance area coinciding with the 2618. A clear double bottom, right at the level. With a break to the upside (break of the "v" point of the double bottom) followed by a 0.618 retracement - and here we already see some reaction.
Targetting retest of the ...
Im buying into the strong support showed by 0.618 fib together with 1.285 round number.
For target prognosis Im also using fib - same level, 0.618 which coincides with another round number, 1.31.
Here I'm trading the potential scenario where we have a retrace down to 61.8% fib of the recent bullish leg. This is then followed by a long opportunity. Will update this post when we get to this point.
Behind this idea we have a bullish reversal which is showing by change in momentum and a double bottom followed by a break to the upside (of the V point of the ...
If you are following me on Telegram (https://t.me/timmynorin) you saw my entry and targets this morning on GBPUSD.
We had a double bottom, with several failed attempts to close below 1.2400 - together with heavily oversold conditions and a historically strong support and resistance area. A good case.
What I was looking for was a pullback that we could profit ...
GBPUSD giving buying signals after struggling at 1.2150 and failing to close below.
Targetting 1.2300 before looking for bearish confirmation again.
Entered first position at 1.21870
After our successful short we find ourselves with an opportunity to get long.
>Trend line (triangle) support at bat D completion
>Psychological support at 1.24000
These combined gives me a clear signal to enter.
Target conventional 0.382 fib of A to D (the lowest point)
We have an opportunity to get long with a break and close above monthly resistance. Historically when this has happened the price has retraced for a brief retest before heading up.
Lets see how this pair responds this time, the risk to reward is big enough for taking the risk (for me).
Do your own analysis, we see lots of different opinions on this pair. I ...
We find a 2618 (double top followed by retracement to at least 0.618 fib) opportunity to get long. I put my entry below 0.618 to improve my risk to reward ratio.
Order is pending, lets see if we get filled.
I let the chart do most of the talking.
But the main ingredients in this setup is fibonacci retracements to predict entry, target and stops together with previously tested structure areas that is of interest for building this case.
Oversold condition together with the 0.618 is my signal.
Lets hope we get filled, and lets see how this plays out.
Another 2618 hits the radar and order has been filled.
On a bigger scale we have a bearish cypher which favors the sellers, on the other hand we also have a trend continuation favoring the bulls (on the bigger scale).
Nevertheless, 2618 is an entry reason for me to get long on this pair today.
Lets see which side prevails this time!