IF I AM A BULL: Wait to buy the bull channel low or previous swing lows. Or wait to buy a pullback into the 1.3000 region after a strong move higher. IF I AM A BEAR: Wait to sell the 38.2%, 61.8% retracement which might coincide with the bear channel high and previous swing high. My two sell zones are show on the chart.
GBPUSD (4H) The downward momentum is slowing down. Price has traded sideways for a couple of days below the 1.3000 level which as acted as resistance. It also at the 78.6% retracement.I am still bearish because we have a down channel and trading below the 50 SMA. Price is now at the 20 SMA which is flattening out due to the sideways price action.
GBPUSD (Daily) Trading towards the low of the range. Look for selling opportunities while price moves towards the low. At the low of the range look for buying opportunities.
IF I AM A BULL: Currently price is at resistance (bearish trend and consolidation zone). I do not want to buy into resistance. My two options are to wait for a strong break and retest of resistance zones. Or wait for a deeper retracement of the previous upswing (about 50% to 78.8%) before looking for a buying opportunity. Waiting for a deeper retracement creates...
Currently trading at the top of the bear channel withing a region of previous consolidation which could act as resistance.
EURUSD continues to trade sideways closer to the top of the bear channel.
USDCAD Price structure analysis (1H). After a very strong move down I am looking for selling opportunities as price pulls back into the resistance zones market on the chart. There is also confluence with the 50% and 61.8 fib retracement levels. Wait for price action to confirm the reversal. On the 1 hour timeframe I remain bearish while price keeps trading below...
USDCAD Price structure analysis (4H)
USDCAD Price structure analysis (Daily)
GBPUSD (1h) Wait to sell resistance and channel highs. Price is now at the inner channel high, 50% retracement, close to 127 fib inversion and has just broken a previous swing high. Look for false upward breakout for shorting opportunities and a test of the outer down channel line. Wait for price action to confirm the reversal.
USDJPY Price structure analysis (1H). After a strong move down and a break of support, price is now retracing towards the resistance zone. Look for short opportunities as I expect a next leg down and price to retest the 100.00 level. Look for bull traps for shorting opportunities. Wait for price action to confirm the reversal.
EURUSD Price structure analysis (1H). Price has broken through the resistance zone like it was not there. That zone now becomes support. Price is now at the 78.6 fib retracement and slightly above the 127 inversion. It is also in a zone of previous congestion. At these levels I expect some profit taking and a retracement to wards the support zone. I expect the...
GBPUSD Price structure analysis (1H)
EURUSD Price structure analysis (1H)
USDJPY Price structure analysis (1H). Look for the bounce higher. This is a counter trend move as the price action is predominantly bearish.
USDJPY Price structure analysis (1H)
USDJPY Price structure analysis (4H)
USDJPY Price structure analysis (Daily)