GBPUSD Reverse Head And Shoulders Pattern
After today's session, GBPUSD advanced rapidly and it is only few pips away from the open. This indicated plenty buying in the market. I would expect this pair to advance further and form consolidation pattern. Long term downtrend must be assumed and short positions would be recommended from higher levels.
Cable touching upper border of descending channel and presents low risk opportunity to enter or add to short positions. Long trades beyond 1.5740. Short targets at the recent lows.
Short GbpUsd Pullback to the 61.8 level Saw some hesitation, some confirmation and shorted at 1.57200 Target at 1.5600
BASED ON THE PRESENT STRUCTURE, I SEE A MAJOR SHORT COMING ON. WHAT DO YOU THINK, THE CHART SPEAKS FOR ITSELF.
We have to see price action to decide entry long in this pair, because we have strong daily and wekly resistance. You decide your trade!!! ;)
Still waiting for this pair to fall, i posted this expectation in another idea. Biased towards the downside.
i still believe there is a pattern somewhere around this time, but most important is the possibility of the price falling. Call me crazy but i see a head and shoulder here and the next shoulder is about to form.
this morning i posted a trade on this pair stating that we are looking for targets at the 1.618. however we are seeing a slight pull back that may scare a few folks into pulling out too early. this morning i mentioned a bit about pattterns always completing, so i'll show you what i mean and why you should stay in till target. look where i placed the black arrow....
this if goes according to plan may take some time to complete, but i can trade the small reversals within, i have this bias mainly because of divergence.
This is a possible short trade. We must carefully watch the price action specially where it would reach in the C point. What is shown in the chart is a possible .618 to 1.618 trade making a perfect ABCD pattern ideally, but this is not the perfect world. Where the C point reaches dictates the Termination of the D point. Where ever that might be this is a short...