$ Unemployment was soaring lower at 4.7% vs 4.9%, but markets went for the NFP print instead though - taking it as dovish for the $ pushing it lower. I think on the other hand this provides a great opp to sell the GBP or EUR topside Extremes at 1.451 and upwards as the fed considers unemployment as its target NOT NFP prints, i actually think this EMP report was...
GBPUSD closes below the 95% reversal SD Channel line, also LSMA gains momentum past price action indicating a pullback is close.. Short term is bullish but no interest in GU topside. INSTEAD we let the bullish technicals play out, hopefully carrying us back to 1.465-7, then we SHORT from these levels where several resistance levels lie and volatility resistance...
This is the 1 hour time frame, I needed to follow something on a smaller time frame. Waiting to see if price breaks that black trend line for a move down to the bottom of the channel or if it touches and price heads north to touch or breakthrough the downtrend monthly channel. Until I see either of these happen I'm not going to touch GU and with US being closed...
This is a long term outlook on GU. I'm expecting GU to touch the red downtrend line, if it breaks through I'm expecting it to reach the top of its current monthly key level zone around 1.49 From there it will move back down to around 1.34983 a previous low. Lastly going back up reaching the 38.2 fib level around 1.514 I'm expecting price to smash that wkly key...
Always make your trades risk free at 1st chance you get
Neutral Follow Eliot : Create wave pullback 4 and wave bullish 5?
GU well exceeded my resistance level when the EU interest rate decision was announced followed by the speech. Due to this, my initial trade was stopped out. I have re-entered here at the perfect time where I will ride the price down to 1.41855, near previous support.
DXY still pushing lower see chart attached,. manage risk well on this
Possible Short setup on GU as it's forming a bearish wedge at the moment. Easy scalp setup, or possibility to hold and try and reach previous low.
GU have been forming a SHS formation lately and it planning to do the last move, as an AB=CD for the completed SHS formation at 1.405. Great RR trade (though I posted this a bit late). Our pullback went straight to 0.5 fib and prior resistance, as well as lining up our AB=CD move, so looks really bearish
We have a nice GU long option for the GU. At all times, wait for confirmation and lookout for breakouts. Don't trade it if it breaks through the support level or structure level. Again guys, watch the annotations in the chart and all best of luck! Best of trading. - Max
GU broke through trend support, expecting a little retracement up, at that point I will try to enter a short position around 1.415