this morning during my analysis i've spotted this nice opportunity to sell the pound against the dollar. Not often it occurs to see such a good confluence. So i thought i could share with you this outlook. As you can see above on the pound price is testing a daily structure level (blue rectangle ) that happens to be also a psychological number and the...
in case you don't know this is an harmonic advanced pattern formation that often times occurs in the markets. It is called Gartley pattern and it's made up of 5 different points all responding to certain criteria. The final D point is at the 1.27 extension of the AB leg and you can trade it both by placing your order on that level and waiting for price...
I became a great fan of Elliott Waves theory. However i'm pritty new in this. So I would appreciate ctiticism.
For the IMPULSE wave to be valid, wave III must go at least 5-10 pips avoube 1.15level(yellow line) or lower.
Therefore a sell setup on daily or 4H could be used as an confirmation for entering SELL position.
See more in comment below!!
Follow the pre-Brexit into current price/action gives you a little bit more recovery, say 1.30, and then another 15c crash as we hit hard Brexit before March 2017. Just a fractal - the fundamentals have to happen as well!
This does NOT conflict with my short-term long post.
I have listed the BoE rate set dates, and the pattern of price/action is similar to run up to the 9 Sep meeting. The parallel channel provides additional evidence.
Be warned, my record on cable isn't that great. For example, more Brexit delay news would trump technicals. Funny how everyone is using that word these days.
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...