This one seems to be going well.
Took a long position on the dow jones. Price is battling through alot of adversity recently and managed to fight off bears at 233. Looking to reach a new high of the day to continue with bullish power.
Fully aware that the a** could crash out of this soon however!
Looking for positive reaction from the .382. Entering long from that price.
May see the inverse head and shoulders pattern develop from this.
Majority retail traders are entered in short positions, so hopefully another rise higher before any more decline.
Pair has respected the bearish Fib levels over the past month. FOMC statement tomorrow could really drive things down with an unsteady pound.
Now waiting confirmation of;
- Bull trendline break and reacting on the flipside
- D1 closing below 50 EMA.
But everyone is short on this right??
First post in a while,
Start of the week could be interesting for this pair. Really on the fence so will be keeping a close eye before entering. Heres my thoughts for both long and shorts;
Long: Simple on this, bullish trend line has held from a good week for the US Dollar and could be a sign for things to continue over the coming weeks. If so 0.71 and beyond...
Can clearly see the support area from this pair has been respected before and looks to be doing so again. The D1 chart candles are providing strong pinbars suggesting we are going to see the bulls take control. Monitoring from the 4H chart, it could be worth entering at any time now for more reward.
Personally I will be waiting for maybe a strong bullish candle...
Annoyingly late to this party from selling the pound all last week, this doesn't mean we cant benefit from it now though! new lows have been hit and there is lots of room for the price to move into. The price broke through its bullish trendline and has respected it on the other side before a huge drop from the news last week. I cant see anything other than 104.65...
Seems to be a tight price channel forming for this pair. I still predict this to go long, especially when the blue highlighted zone is broken. Posting this update for anyone who wants to get on this trade and looking for a good entry level. If the price bounces to the lower trend line and holds, enter.
Predicting GBP to suffer over the next few days. Previous resistance has turned support and held. Interesting to look at weekly and monthly charts for this pair and other, plenty of room to move.
Boris can't save the pound!