These two are called reversal patterns on GBPSEK. It is about the shape of the pattern. This is experience-based knowledge. This does not mean the most recent pattern is bound to reverse. This is not a prediction. It is a probability estimate.
GBPSEK is a very volatile instrument which is much avoided. How strange cuz volatility is needed to make profits (and...
Following a 1000 + pips move up, we are finally seeing price pulling back.
Should price stay below 1.7390, then look for a formation of a lower high on the 4HR before a push down.
Any potential move down should be treated as a Daily Phase 2.
Looking for a long entry on GBP/CAD. Hit major support level, looking for a bounce off this support level to the upside. Specifically looking for a double bottom around this level to confirm entry to the upside.
Our entry order got triggered in yesterdays trading day & the pair has currently been in a consolidation zone for the past 4days now between 0.69090 & 0.68500, We are looking for a clear break & retest of 0.68500 for further downside momentum. If the 200ma fails to break we will be looking to close the profit manually.
First of all , The trendline could be used as a dynamic resistance and price could bouce off of it and head towards the 1251.82 Area or Or price could push up towards the resistance at 1259.84 and pullback towards the trendline and head towards the 1264.33 Rectangle area where there is a minor reversal area
XRP/Dollar is showing a rising wedge reversal and it hit resistances a couple of bars down which indicates massive downward movement towards the next support level (1.12 to 1.15 support zone)
Hopefully this will retrace and show momentum to the upside again but cryptocurrencies can be extraordinarily volatile especially cause of the new years and future technical news.
Price action is in the process of possibly forming a bullish Cypher pattern at a previous support level .
Looking for the D Leg Completion at 1.31957
And taking 3 Targets
Target 1 1.32390
Target 2 1.32653
Target 3 1.33865