Since the high made on the 7th of September, GBPUSD has been caught in a descending channel which has been re-tested and respected 3 times. When price reached 1.32500 it found a significant amount of support from the lower band of the channel, coincided with the 61.8% Fibonacci re-tracement level and hour 1 supply and demand zone. Now price is reaching the upper...
Long term bias of USDCAD is bullish based on earlier post. On this basis, a long entry has been found using the 61.8% re-tracement from the last area of supply and demand, a diagonal support and an hour 4 order-block. If price reaches 1.30656, i will close 75% of the trade and let the other 25% run further.
After the week $ in todays american non farm payrolls data release saw the pair GBPUSD react bullishly. Now that this initial move has re-traced, i will be scalping on the 15min chart when price arrives at the 61.8% re-tracement level.
GBPUSD is slowing filling the area of low volume created by the big bearish movement on the 23rd of June 2016 or as some may know it as BREXIT! (highlighted in one of my earlier uploads, linked bellow). Once this area of low volume is filled i anticipate a continuation of the bearish sentiment.
So far the re-tracement has only reached 23% meaning my...
Step by step analysis provided in the chart. Following the high made in April 2015 to the low made in February 2016 there appeared to be an area of low volume, which now has successfully been filled up to the 61.8% retracement level. Back testing this idex shows its sensitivity towards this '61.8' level. To make things more convincing, this level is also lining up...
If the temporary low at 1.44948 holds over the next few days, i will be entering a short at 1.50114.
Reasoning: 61.8% re-tracement level, respected daily breaker, potential to take un-taken highs and capture liquidity.
The pair appears to be approaching the 61.8% re-tracement level after find support around the 1.27654 level. I will be entering this one on a smaller time frame to try minimize my stop loss and maximized my Risk/Reward
With the USDJPY pair continuing its downward movement over the last few months, it appears to be primed for the bulls to take over. As seen in the graph, price is current approaching the 61.8% re-tracement level and a heavily respected monthly order-block