akv93

akv93 Updated 

Hi All, Been away from the charts for a while, but back with with an analysis on GBPUSD. As you can see from the chart my bias is pretty bullish on this pair. We're currently within a bullish channel, where price has broken an ascending wedge and printed a new higher low at the channel resistance (1.28 region), which is where I entered long on this pair using a...

akv93

SIMPLE TRADE SETUP: - OVERALL DOWNTREND - PRICE TOOK OUT PRIOR SWING LOW AND PUT IN A NEW LOWER LOW - BREAK/RETEST OF SYMMETRICAL TRIANGLE - DAILY SHOOTING STAR/DOJI CLOSE OFF 61.8% FIB - ABCD IN PLAY TARGETING 0% AND -27% FIB

akv93

- DOUBLE BOTTOMED @ 89 LEVEL (HIGHLIGHTED ORANGE) - RECENT LOWER LOW - INNER TL BREAK - LOOKING FOR A LONG UP TO OUTER TL (61.8% FIB + MONTHLY RES + 3RD TL TOUCH) - LONG TARGET = 96.000 LEVEL - BEARISH PA OFF SAID LEVEL COULD THEN WARRANT A SHORT TARGETING D1 FIB + MONTHLY SUPP - SHORT TARGET = 84.000 LEVEL

akv93

- ASCENDING CHANNEL - NEW HIGHER LOW AT CHANNEL BOUNDARY (3RD TL TOUCH) - 61.8% FIB RETRACEMENT STILL HOLDING - BREAK/RETEST OF MONTHLY SUPPORT (BULLISH ENGLUFING) - HIGHER HIGH EXPECTED AT FIB D1 EXTENSION CONFLUENT WITH CHANNEL BOUNDARY (ABCD PATTERN) - OVERALL TARGET = 200.000 LEVEL

akv93

- 61.8% FIB RETRACEMENT (DAILY RESISTANCE) - 3RD TL TOUCH - 4H BEARISH ENGULFING - POTENTIAL ABCD - TARGET = 1040

akv93

- BREAK/RETEST OF DESCENDING CHANNEL - HL @ 61.8% FIB - HH EXPECTED