just wanted to share my view on gbpusd; as you can see price has recently broken to the upside this simple pattern called triangle. It's basically made of two converging trendlines that encompass price action. You can take advantage of this pattern by simply buy at the first candle close above/below one of the trendlines, or you can wait for a...
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)
today i want to share with you an harmonic pattern formation that i think may be interesting in the next days.
On the GBPUSD we are consolidating and ususally when this market condition occurs there are a lot of patterns that appear on the charts.
Make sure your stop is below X, and targets could be set as i illustrated above, at the .382 and .618...
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.
This trade set up is for GBP/USD based off of the 4H chart.
Now we can see price action failed at the 61.8% Fib level on 3 occasions over 2 days. This failure supports the theory that price action is simply taking a break from moving up after a long period of gains.
The market appears to be rejecting any further decline past the 61.8% fib level...
GBPUSD is currently showing some bullish potential however it is not completely out of the woods yet. There are setups on both the long and short side with this pair where I will be waiting for levels to be taken out to show a clearer trade either side.
LONG: Market has just popped its head above a descending channel after rejecting the 61.8 fib of the upward...
I don't usually trade Elliott Wave but this setup jumped off the chart and slapped me in the face while looking for reasons to go long GBPUSD.
15th August saw the beginning of the 1st wave with a double bottom at post-Brexit lows.
To kick off leg 2, on Thursday 1st Septmeber UK PMI Manufacturing came out at 53.3, above the projected 49 and far exceeding July's...
I trust you are all enjoying your weekend after an insane Jackson.
Apologies for not getting to post this sooner guys... Ahead of next weeks PMIs and NFP i'm adding looking to add shorts on cable, firstly, congratulations to the beach club who managed to catch the 1.32737 shorts with the spike - sterling bulls are in trouble if economy does...