Pair has come down and retested the daily trendline , which is also around the 50% fib retracement and area of support. On the daily we have a engulfing candle to the downside but we also have a wedge patterned that has formed. Also take note that price had began rejecting this area on the Daily which is highlighted by the long wick at the bottom of the candle. On...
At yearly highs at the moment w/ this pair have been in this uptrend channel for a while now so markets loading up for a breakout.
My bias is long due to the confluence and IG retail client sentiment but we got to let the market come to us, either way we will flow w/ the market and make some profit .
First trade from this morning
Lined w/ the 4HR time frame 38/2 fib level
Trendline break and retest
Waited for HL to form before buying in w/ take profit at Monday high.
GBP Showing a lot of strength in this moorings London session
Happy Trading #Magico #confluenceconfidencecomposure
Again on the daily chart prices looks to be in range but there is evidence of HL with price hitting major resistance at the 1.27 level. This has resulted in a ascending triangle being formed and if look at price action closer there could be a double bottom formation that has formed. Fundamentally the previous yearly low was mainly due to the corona virus pandemic...
The daily chart has formed a descending triangle price retested what looks to be minor support at at the 1.37 level and looks to have formed a triple top as highlighted, will wait for price to break the previous low at 1.33 before downtrend continuation and look for entry on lower time frames and use MACD , RSI , MA's and Stochs as confirmation. Patience will be key.