Following the wedge breakout on the Weekly and Daily timeframes, I think price action might tend to move towards the next weekly high and beyond.
DISCLAIMER NOTICE!
This is only my opinion and not a financial advice to set up a trade or invest. Trading or investing without knowledge is highly risky.
The Pound has closed (on the daily TF) above a very important resistance which has been since July, the high of the year.
How high do you think price will retrace or reverse?
Or will this be a false breakout?
DISCLAIMER NOTICE!
This is only my opinion and not a kind of financial advice to set up a trade or invest. Trading or investing without knowledge is highly risky.
We had a nice structure earlier, but was unbroken. With the break of structure now, I guess the market is ready to ride higher into next week.
DISCLAIMER NOTICE!
This is only my opinion and not a kind of financial advice to set up a trade or invest. Trading or investing without knowledge is highly risky.
Hopeful, the break of structure gives a retracement for entry, and then the ride.
DISCLAIMER NOTICE!
This is only my opinion and not a kind of financial advice to set up a trade or invest. Trading or investing without knowledge is highly risky.
Here is a breakdown of my analysis on the pair. The profit target is (A) minimum. Apply proper risk management, anything can happen.
DISCLAIMER NOTICE!
This is only my opinion and not a kind of financial advice to set up a trade or invest. Trading or investing without knowledge is highly risky.
Just as we analyzed last two weeks, the pair is already halfway. Though I left it due to higher swap as the duration was taking longer, but the bias is still the same.
DISCLAIMER NOTICE!
This is only my opinion and not a kind of financial advice to set up a trade or invest. Trading or investing without knowledge is highly risky.
If we get a minor descent in the opening hours or days of W30, it would be the good opportunity to long the market after the half year downtrend.
DISCLAIMER NOTICE!
This is only my opinion and not a kind of financial advice to set up a trade or invest. Trading or investing without knowledge is highly risky.
I expect a drop to at least50% on the Daily time frame.
DISCLAIMER NOTICE!
This is only my opinion and not a kind of financial advice to set up a trade or invest. Trading or investing without knowledge is highly risky.
This could turnout to be a breakout or a retracement. Either way, there is a likely rise. Sustained breakout from the next resistance could lead to the top resistance.
DISCLAIMER NOTICE!
This is only my opinion and not a kind of financial advice to set up a trade or invest. Trading or investing without knowledge is highly risky.
The huge breakout on the first Friday of the Month from the discovered FLAG CHANNEL has led to the longs on the Euro. I await a mild retracement before getting proper longs.
DISCLAIMER NOTICE!
This is only my opinion and not a kind of financial advice to set up a trade or invest. Trading or investing without knowledge is highly risky.
I am still bearish biased. I expect a solid break of the Bullish Channel in coming hours, and the next Profit is seen to be in the (C) region.
DISCLAIMER NOTICE!
This is only my opinion and not a kind of financial advice to set up a trade or invest. Trading or investing without knowledge is highly risky.
In my observation, I assume that the trend has confirmed the change to the downside. Trade with care.
DISCLAIMER NOTICE!
This is only my opinion and not a kind of financial advice to set up a trade or invest. Trading or investing without knowledge is highly risky.
I expect a decisive reaction from the Rectangle area in coming hours or days. We should either get a long term reversal or a short term continuation upside from there.
DISCLAIMER NOTICE!
This is only my opinion and not a kind of financial advice to set up a trade or invest. Trading or investing without knowledge is highly risky.
