For all we've known, formation of inside bars may mean two (2) scenarios: a reversal of the trend or a continuation of it. Since I'm already long Pound-Dollar, I will be looking to enter a long. Be cautious of the incoming Great Britain election.
There are several reasons why I have decided to buy this pair now. # Daily Chart Horizontal & Pitchfork Support. # Daily, 4Hr, 2Hr Chart MACD Hidden Bullish Divergence. # Daily, 4Hr, 2Hr Chart Stochastic RSI "Over-Sold" # 2 Hr Chart Harmonic Pattern Support. Like My FB Page:
Reasons: Bearish Head & Shoulders @ Confluence of Resistance in higher time-frames. Stoch RSI is now "Over Sold", so a pull-back is needed for further bearish continuation. Past support should become future resistance and here we get a 61.8% Fibonacci retracement level as confluence. Trade Safe. :) Follow Me on: Twitter Like Me on: Facebook
Now that the down move has reached the up trend line it appears as if it is time to look for a run back to the upside. The trend line on the daily chart shows support at the moment and if it holds will provide a good reward to risk ratio.
I AM GOING TO SELL CURRENT MARKET AT 1.74366. STOP LOSS- 1.75700 IF MY STOP LOSS HIT I AM WAITING FOR RETRACE AND BUY FROM NEW SUPPORT ARIA..
We are still bullish for GBP/NZD. After 3 white soldiers, we see a consolidation pattern formed near the support zone. It might accumulating more pressure to break this support zone. Once, the support zone was broken strongly by bullish trend bar. It will be good chance to long. Alternatively, need to wait weak pull back and long again. Trade safely with...