GBPUSD - Case Study (Part 3) 8hrs Confluences 1. Broken resistance Enter on potential bullish candle formations# (view smaller timeframes)
GBPUSD Case Study (Part 2) Weekly Timeframe Weekly structure seems a little choppy. Can be difficult too spot essential support and resistance levels on the weekly timeframe. Confluences spotted: Weekly downtrend Price at weekly support Anticipate price moving upwards towards the trendline which also combines with the 50% fib level
Will be trying too break down the charts starting from a monthly time frame and scaling through the different lower time frames. In the search for potential trade opportunities.
Potential Short Opportunity Confluence: Retest of broken support; Fib Level Potential Trend Line Meet From Peak?
Price reaching a key support level on the weekly Watch price action next week for potential opportunities
US30 I don't trade US30 however was just analysing the chart and spotted potential opportunity on the weekly
1. Touch of Trendline 2. P Line Level 1.33 3. Completion of Fib Target Will be looking for Buys around the blue zone level. Monitor Price Action on smaller time frame around the zone and enter on solid support. Potential Idea for a smaller time frame strategy
Confluences: Retest Previous Resistance P Line 1.35 FIB LEVEL MET Monitor smaller time frame price action around the 1.35000 area
WAIT FOR PRICE TOO REACH SUPPORT Confluence: Fib Level Resistance turned Support BE PATIENT Wait for the pullback and then view lower time frame for price structure
1. Downtrend identified 2. Break of support and retest of resistance 3. 4th Trend Line Touch 4. FIB LEVEL MET Once price started breaking the Lows/Support (fig 1) It created a range, as you can see it had a little fake out and came back in the range immediately Will be monitoring the lowertime frames
Break and Retest of support with a beautiful shooting star
GBPUSD been in a downtrend for a few days Just broke the support and has retested TP till the bottom of the range
GBPUSD 4hr Chart GBPUSD reached lows of 1.34000 failed too push lower Fundamentally GBP is weak and technical really show the downtrend even from the weekly chart Support is being broken and retested as resistance Wait for price too reach the 60% fib pullback in accordance with the 1.35 P Line (where price usually changes direction) Hopefully we can get a touch...