The reason I am staying away from this pair at the moment is because its currently ranging.
You can obviously trade this but imo its not worth the risk as it very quickly reverses with very little movement.
Currently, if you look at the 1HR TF you can see price is respecting a downward channel but it can quite easily break that and move higher.
On the chart i...
For GBPUSD I see price has tested a weekly decending trendline, its been rejected and currently stopped at resistance
I believe price will break the current trendline and retest an area near to it before falling to its next support level
(I actually think this pair will just bomb without much of a retracement but will have to wait and see)
I can see bears taking price down to 1.25000 area which is again a lovely round number and a very strong support and resistance area.
Price missed our key level of 1.32000 by 15pips but the trade still triggered for us, this is because we always set the orders 20-30 pips below the level as price wont always hit the target dead on and we don't mind going a few...
Well thats what i have been told anyway ;p
This is just a simple setup, Daily resistance. And i am looking for bears to push price down from this level.
See how simple trading can be?
Message me if you need any help trading.
Lots Of Love Laura x
We can see based on previous price action that once the red area has been broken price falls to the support level highlighted at the bottom of the chart
Price has broken its daily trend line and came up for a retest
We are looking for a BEARISH candle to break the support zone so we can take a short position
On the 4hr TF and the daily TF, we can see divergence...
After doing some more studying of this pair I can see that price is heading towards its weekly resistance level where it was rejected from previously
If we take notice of the 50MA price has bounced off it several times which indicates a strong bullish move to resistance
I also see bullish divergence on the daily which indicates price is in an uptrend
I will wait...
I am looking for price to reach 1.32000 and bounce. As you can see price has used this zone many times as a spring board so when price has touched it you get a 100-200 pip bounce.. This is what i will be looking for again.
I might hold this trade for more that the 200 pip target as i am looking for the 3rd touch of my trendline. If you have been following me a...
After beating my head against the desk trying to work out what is going on with this pair I can finally see we have a bear flag forming
I know its a bear because there is bearish divergence on multiple timeframes and bull divergence all over the DXY
I believe once price breaks out of this wedge it is going to fall so dramatically no one will be able to catch it (lol)
PRICE ACTIOn TRADE. GREAT R:R TRADE. When in profit and the market starts retracing and making higher lows, move your stop loss just above that new higher low so that you break even. Let me know how you do? Like this analysis give us a like & a comment!
Price is still bearish IMO and I still stand by my original analysis BUT I have seen that we reached an area of support (which was once resistance) that price has reached and bounced off of.
I believe price will now come down and breakthrough this level and go to its next highlighted level of support.
I am basing this analysis off of divergence and previous price action.
This pair is still bearish and I am waiting for a fall, price will need to break support (level 1) before we enter another sell.
I intend to TP at level 2 BUT if price is gaining momentum and signals are showing that price will continue falling then we will adjust the SL to the level below (Level 3)
Price may again come up for a retest of the previous level, if...
1. Divergence on lower timeframes
2. We have approached a key level of resistance and price had failed to break through
3. When price reached this level previously it fell to the highlighed level of support
4. DXY is going up
Already entered last week and price retraced back towards the top, im holding this position and I have added another one in