Pound/Sterling may hold some surprises. I have spotted a major curve suggesting probability for the upside. Just don't expect it go go up in a nice smooth way. Brexit is likely to hold some favourable surprises for GBP/ pairs in the longer term. Into April, expect high volatility and trouble.
On this chart a strong trend line to the downside can be seen and proved by the continuous lower lows and lower highs. This is in confluence with the 78 Fibonacci level. This trade meets all my criteria to enter if the price can reach the 1.13640 level. This is where I currently have an order set to sell.
Took a USDCHF long with a an R:R of 2.1
My reasoning for this trade was the strong rejection of the 78.2 Fibonacci retracement level, as well as the pivot line adjacent with it. To me this shows a possible 1.2.3 move with a the push to the downside now ending resulting in a higher high being formed.
Here's a low risk long trade setup for GBPCAD.
Momentum has slowed in a support zone which also lined up with an ascending trend line.
We have a good opportunity to attempt a long trade with low risk & high reward.
GBPJPY has broken above a descending trend line on the 4H chart & below.
Scoping down to the 15m chart we can see price clearly respecting the trend line/support area with rejections to the downside.
Aggressive entries would be taken at current market price. For a safer entry, we would look to go long upon a break of the 147.250 area.
Manage your risk...
The India50 is not one that's often talked about. I show how I estimate the price action and probabilities for a short position. As always if anybody is getting into this, prepare to lose! This is a loser's game - we can't win without losing, end of story.
Price is trading within a descending wedge pattern & has recently touched the bottom level with halted bearish momentum.
This provides us with a long trade opportunity with exceptional risk/reward ratio.
Make sure to manage risk appropriately when trading.
We could possibly see a bearish down movement on GJ heading towards a minor support at 144.964. Price has recently bounced off a major resistance area and could be heading for a retest at the 147.721 area. we can also see the bullish trendline being broken an used as a dynamic resistance!
Awaiting for candlestick confirmation on higher timeframe!
Here we have a low risk trade opportunity presented to us on EURAUD.
Price has broken above a descending trend line & is retesting the trend line from the other side as support.
Long trades would be closed upon a bullish hourly candle close & a stop loss would be placed tight below the trend line.
We will post updates as this trade progresses.
This pair over the past 2-3 weeks has flew up over 500+ PIPS I believe the pair is now over bought and it currently needs a pull back of roughly 200-300 pips. Price has rejected my major Daily Channel Trendline looking back a price action when this pair hit the Trendline it fell over 300-400 pips so I believe the same scenario will happen again, before...