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I'm waiting for a breakout from the current consolidation, there are multiple missed pivots above price but fundamentals could weaken the pound so I could trade this on a breakout to the downside.
My ideal set up would be for price to tag the bottom of the triangle and there to be a bullish crossover on the stoch at around or just above the 50 line.
it's Friday ...
Watching closely for price to find resistance at the longer term trendline from low of Apr 4th.
Over sold on Stoch, RSI getting close and CMoney Flow suggesting reversal.
Bullish Divergence on 4hr chart also evidence for the reversal.
Targeting the monthly pivot at 48.24
Massive upside potential.
Long term falling wedge break out.
IF price pulls back THEN enter long. Pending orders set at 1.649 & 1.632.
Target 1.719 & 1.856
Implied GBP strength.
IF price pull back to TL & SOCO around the 50 Line THEN enter Short.
ORIF Price Breaks below local Low THEN enter short.
Target 0.8338 & 0.8110
Small trade size and tight stop. Price breaking from small area of consolidation, reasonable move to missed daily pivot.
looking for a bearish stochastic crossover at the upper limit of the trading channel which has been well respected by price so far. The upward trend has had strong support so I'll trade this with a tight stop in case there is a continuation, will move to B/E quickly and will exit at the bottom of the channel or when there is a bullish stochastic crossover ...
Simple set up, price trading below the longer term EMA range in a defined channel.
Entry taken on early stochastic crosover (SOCO) in a live account - T1 is the weekly missed pivot at 0.94681 - Weekly pivots on this pair are hit in the week that they are created 89% of the time. High probability target, however I won't hold the position above the local highs. I would probably wait for another SOCO entry around 0.96870 but wouldn't be massively ...