Structure: Flag / Horizontal channel
Plan: For the last month GBP USD appears to have been trading within a tight horizontal channel.
We can expect price to respect lower boundary and move towards the upside with TP at previous high (or 0.5 Fib Level).
Trend: Short term bull trend:
Structure: Trend line breakout with retest of support level
Plan: Price has broken out of its bearish trend and is now testing a level of support. If price respects this level we can expect a move to the upside
Structure: Trend lime / horizontal resistance
Plan: We have seen price respect the lower trend line, now a long opportunity presents itself with TP at horizontal resistance.
We observe higher highs and higher lows, confirmation of a bullish trend.
Trend: Bullish (although breakout has occurred)
structure: Trend line and Channel breakout and retest
Plan: Price has broken out of a flag pattern/parallel channel, we now see a retest and rejection of the lower channel bound.
The expectation is price will retest and move towards previous low.
Structure: Breakout and retest of horizontal resistance
Plan: We have identified a level of resistance which has price has broken out. Upon retest we look to take a short down to 0.5Fib level as show by the lower resistance line.
Structure: Trend line and horizontal resistance.
Plan: We have identified price respecting a lower bullish trendline and also respecting resistance on a higher timeframe.
This trade is already active but if price were to pullback to trend or resistance it would lead to another entry.
Structure: support and resistance / Zone
We have identified a buy zone test multiple times on the 4HR time frame.
We now see price has once again respected this zone, however the stochastic on the one hour timeframe is at 90 so we look for a small pullback for a long entry.
Structure: Descending wedge.
Plan: We have identified a strong lower resistance level that has been tested and respected four times over the last month.
We now look to take a long after the latest bounce to the 0.5 fib level. Those who are aggressive traders could set TP at the upper trend line.
Trend: Bearish (short term)
Structure / pattern: trend lines, support and resistance.
We have identified a descending wedge, however the trade set up is price bouncing off of a upper resistance level and the upper trend line leading to a predicted bearish move.
Structure: Resistance breakout
Plan: we see EURUAD breakout of the resistance level formed by the previous two highs. It has also retested and now it showing a bullish candle upon close a bullish opportunity may arise.
Structure: Trend line
Plan: We have identified a short term trend line (blue) and a resistance level. We look for price to respect upper resistance and trend then move down to previous lows.
Please note this is an aggressive trade as there is a longer term trend line (red) seen.
Structure: Trend Line / horizontal resistance
Plan: We see GBP respecting the lower trend line and also on a higher timeframe bouncing off the lower resistance level. We look to take a long back to previous highs.
Structure: Triangle / Trend analysis
Plan: We have identified a rising trend line alongside a triangle breakout.
Price appears to be retesting the breakout and we look for a continuation of the bullish trend
Structure: Trend analysis / Support and Resistance
Plan: We have two potential trades here.
1. The blue trend line along with an upper resistance level
2. The red trend line along with an upper resistance level
Both trades have potential but note that the upper trend line has been ongoing for a longer period hence may be slightly stronger
structure: Trend line and horizontal resistance.
Plan: We have identified a rising trend line mixed with a level or horizontal resistance.
We now await stochastic conformation before entering a long position with a tight SL in case of a breakout to the downside.
Structure: Descending parallel channel
Plan: We have identified a descending channel in GBPUSD. It has also started to form a resistance level. We look for price to bounce off either upper resistance or upper trend line and move down to 0.6 Fib level