I'm starting a new multi-timeframe analysis series and using TradingView to document it.
The main objective of this multi-timeframe analysis series is to bring together the knowledge I have gained over the 4+ years of trading, and encourage me to consciously use that knowledge rather than working out of habit and 'instinct' which is so...
on the gbp/usd, I drew up some basic s/r lines which have been tested both ways e.g (support being tested for resistance and vice versa). The support line where price has touched seems to have respected that area so I am hopefully preparing for a set up.
There are two outcomes to this, either price breaks support and retests the support zone below it OR price...
NZDUSD is moving downwards. After breaking through the latest minimum, price does pullback to previous low. 50% pullback makes the signal more valid.
While pullback, price has formed inside bar, which means uncertainty and price compression on the lower timeframe.
Sell order will be activated at breakout of the pattern.
Primary R/R - 2/1
Last post: June 22nd. See chart .
Review: Price was suggesting indecision and a possible pullback in the bull trend back to retest resistance-turned-support.
Update: Price did indeed pullback and is today suggesting a possible I B setup.
Conclusion: We will wait for the daily closing price and then let our community know if a pullback setup is appropriate...