Looking for up trend continuation.
economy getting stronger since restrictions eased so money will be spend on retailer and leisure.
looking for key levels to be broken with bullish candle stick patterns.
drop down to 15 min time frame for entry positions
All Yellow levels are potential pull back areas.
YL1 is straight ideal pull back reversal for continuing current uptrend.
YL2 is second retest level
YL3 is another restest but break below might mean new downtrend.
unlikely since GBP doing well in fundenmental anaylsis.
Both blue levels are previous levels of support which might act as bonuce levels to enter...
price trend is always up and down. just mark key action levels to enter and only enter after candle stick confirmation and key in profit level.
break about YELLOW level and enter long, possibly 10 pips guaranteed
break below GREEN then looking for support on RED and possible reversal past green before yellow again, obvs
ALL coloured levels have been respected...
I don't use indicators since they lag. plus too much on one screen makes you less confident I feel
I use only price action and fundamental analysis. plus I only trade GBP/USD. it makes life so much simpler just looking at one pare as you will know how this pare will most likely react in the future with experience.
like I said before we are in long-term uptrend/...
two key levels have been marked.
for continuing downtrend look for sell candle signal on first level...if broken through then look for on second level.
first level is RETEST level. second level is major HIGHER low level.
for long - look for buy candle stick indication on second level. if major HIGHER low broken then this might indicate reversal.
long - term...
looking to technical analyse for next week:
forecasts for CONSTRUCTION PMI
UK SERVICES PMI
all three are forecasting to increase so this should push price up throughout the week
double top will indicate bearish movement to previous level before pushing back up.
look for candles and confirmation patterns before entering
all on 1 hour time...
GPB YOY GDP rises which would at least indicate bullish short term.
price to break through 1.3799 up to resistance before re testing support before bullish trend to break through 1.3846
only enter trade with bullish candle confirmation
please let me know your thoughts
new trader just looking to continue to learn