After the Bears took control at 1.36500, a very strong bearish momentum has pushed the market in a strong downward trend, retesting off resistance zones as it continues to decline.
As our previous trade successfully closed breaking past both of our targets. We are looking for another retest entry to profit from the bearish momentum.
Rejected the weekly resistance level with spinning top and pinball formations.
Met 61.8 fib level on the daily and wasn't able to take that out and saw bearish momentum shortly after.
Seemed to be a false breakout of the daily trend line and now we can see price action coming back to the downside and below the 8 EMA which confirms that this trend line should be...
If structure holds this pair should bounce back from its bullish trend line since the start of last month, and with added confluence of the 61.8 fibonacci level, we should have seen the end of this downwards correction. The bearish momentum of USD/CAD has been overturned since coming out the daily parallel channel and subsequently this pair has been forming higher...
As we are looking for GBP to continue to gain strength we can determine we may see FTSE100 fall. Correlation shows the stronger GBP gets the more likely they FTSE100 is to go short. Looking for short opportunities into the key level and 1.618 golden fib ratio of 7190-7200 before looking for a long position.
Continuation Buys in order on GBPCAD as we saw GBPUSD push higher and close above the key level of 1.3300. Looking for short term short positions from the resistance zones back into the support zone for a continuation long trade.
1 minute ago
This is my first post and I will like everyone reading it to maintain an open mind as I will be analysing the GBPUSD 0.03% chart based on current price action. Later I will discuss my trading strategy (and a bit about my 11years trading background) which should be easy to follow and do not hesitate to ask questions in case you felt I left certain...
I belive Eurusd is going to head back into the 1.14586 area to retest a key support level. Currently price is in no mans land. Once price reaches the key resistance level drawn in, we will be looking to sell it off to our first take profit level of 1.09456.
So for now this trade is going to require a lot of patience, as we will not be looking to do anything with...
-weekly ascending channel
-weekly higher low made
-weekly counter trend line broken
-4hr ascending channel
-4hr fib found support at 61.80% level however there is a chance of further retracement before going long
-4hr target 1 - 127.20%.
-4hr target 2 looks very likely as it has confluences with upper channel boundary to make new higher high.