Higher timeframe signalling uptrend pattern. HH and HL formed, however price failed to break previous HH and formed LH instead signifying a change in direction of market. Expecting price to hit around 1.204 and to form another LH and then continue to push downwards after. 1:5 RR
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After a fake breakout of the 4hr trend line (manipulation?), I expect this pair to re-test line before continuing higher.
I would take this trade, via a buy limit order which would be placed in a confluence area with a 4hr trend line, market structure support and 50% fib level.
After a break and close below that was followed by a close back above and retest of lower part of consolidation channel, this pair has confirmed the fake breakout and is now well placed with an opportunity to ride the next swing leg and the creation of a higher high on the daily TF.
Target can be set at the 127.2% fib extension taken on the retracement. Entry can...
A daily break and close above, then retest of structure would present a good opportunity to capitalise on the possibility of creating a higher high on the weekly time frame; targetting the 127.2% fib extension of the weekly retracement!
We have a clean simple trade setup on long British Pound versus Australian dollar with an ascending trendline holding after multiple taps since the start of July following a Bullish Engulfing line on the daily at end of month.
Additionally we have an ascending support on RSI and a crossover on Stochastics pointing to the support line once again...
Price created a head and shoulders pattern on the weekly. going into the 4hr, I notice market is still is an uptrend due to higher lows and higher highs.
Price at the moment connects with both blue trendlines with one of them acting as a bullish flag. Waiting for price to react off that according to previous...
The market has been choppy since a while now and recent highs of 1.123 have been touched, in other words a lot of over buying. My usual analysis has confirmed my decision to sell and bag some pips with the TP and SL provided when price consolidates itself.