The overall market in the weekly has been ranging there for a recent rejection has occurred in the weekly resistance and there's a high chance price will come back down the the weekly support. The daily chart has been respecting the 50 FIB retracements towards the down trend. Price appears to be aiming for the golden zone .5 or .6 of the FIB around so we are...
Can go long up to red line, then short down to main entry for a long term buy, as you can see the long position can reverse at 7344.9 or break through to our next sell zone. Either way we will keep an eye on it for further decisions.
I am looking at the potential for a long term buy & hold on GBPUSD.
There is a nice daily wedge pattern forming with price being supported by a lower bullish trendline and the daily 50EMA.
Multiple daily wick rejections are forming at this current zone and I think we could see a push upwards and break of the upper wedge trendline.
Risky entry = buy now and...
After a previous entry ive entered USDZAR again
The Fibo on the side which highlights the 30% level highlights when i should move my SL to BE being a swing trader i can hold trades for up to a month. so I've formulated a new strategy to move my SL to BE when a trade has moved 30% of the PIPs for TP
Last week saw JPY continue to advance adding further weight to the breakdown seen the week before
Price is currently just above resistance turned support at 124.094 and below here we have sloping trendline support the June 17 low (the two intersect, 20th Aug).
Traders not already short EUR / JPY could wait for the aforementioned levels to clear before taking...
We posted on the EURUSD yesterday and how we require a bounce from support.
The GBPUSD is no different and has a very similar structure to it.
We have highlighted the breakout bar that offered an initial long entry that we took with little hesitation as our edge had presented itself at the start of the year. Our bullish edge is defined as follows: