Daily descending channel in play here! Also have strong higher timeframe support and resistance providing perfect confluence with key Fibonacci levels!
Buys and sells clearly marked up - lower timeframes very choppy so entry taken only with candle body closure above and below on the daily timeframe.
GU proved a worthy adversary this week given the fundamental impacts of brexit and elections. We were sat in 3% profit on Monday above 1.30 and held until BE tuesday before we got caught in another fakeout. Nice little double bottom forming for next week but I want to see the weekly close above 1.30!
CABLE IS LONG!
Clear inverse head and shoulders here complete with a break of the neckline, now looking for the retest before taking a swing up to the previous 1.35 highs for a 1:10 RR!
There is no technical reason to be bearish here.
However, keep in mind not only the US election but Brexit and GU will continue to be choppy; any trade taken will need an added...
4hr Inverse Head and Shoulders
Break of pennant, close above 38.2% Fib and neckline of Inv H&S. This would also close above the 4hr resistance and break the 200ema.
Break of previous lows, 61.8% fib and the daily ascending trendline forming the...
I have been working on other stuff but I will try to focusing more time on trading
- Long Term I see GBPUSD to the downside.
- I m waiting for the 5th wave to complete.
- If price break wave 4 then it must definitely going up
Use good risk management. This is a long term trade. Goodluck
Weekly ascending trendline
Weekly orange fib
daily white fib
4hr grey resistance
daily red support
4hr descending channel
daily ascending structure Hh's Hl's
Break of 4hr resistance
Break of 4hr descending channel
Target-weekly 61.8% fib
Break of daily support
Break of daily 38.2% fib
Further sells on break of weekly 38.2% fib and trendline!
The market is in an ascending channel on the Daily time frame and has respected the lower support trend and rejected it and gained bullish momentum. Furthermore, on the daily time frame the 200EMA is below price which is a strong indication of bullish momentum and bias continuing. The larger area of resistance has proved itself as a key level of resistance on...
Area of interest, price has tested the support trend line and rejected it on lower time frames. Price is at an area of confluence due to support and resistance trend lines and 200EMA indicating an area of value. Moreover, it is still bullish according to the 200EMA (Daily). However, fundamental analysis may indicate pound weakness due to Brexit negotiations...
gbp/usd main bias is still bearish but from better price, looking to sell price on the retest and buy from ltf minor zone (grey). After I will look for shorts on green/red zone if price plays out in this scenario.