Continuation of Channel Down. US $$Dollar Strong.
A potential Elliott wave pattern forming from the start of the Brexit crash in July, we can see the proper Elliott wave formation thus far, potentially entering the 5th wave down. Also a Head and Shoulders pattern further agrees with a 5th wave push down, where we can see a Fibonacci cluster zone around the 1.21 support zone which was set at the October flash crash.
Here we see an impulsive move up to start the week, followed by a pullback to the 61.8 Fibonacci level. Watching to see if price respects the blue trendline and continues a move higher. Also watching the red zones which are previous resistance + Fibonacci extension areas for potential take profit targets.
Here we see a few sell signals including: - Head and shoulders forming, waiting for break of trend line - price falling below the 13 and 21 EMA - Fibonacci clusters/target zones at: 1.225 1.213 1.203 - Recent breakout of USD Additionally, the bearish reaction to the better than expected retail sales release during this mornings London...
Here we see price moving off of a larger time frame trend support line which is also a 78.6 Fibonacci retracement. If price breaks the green dash trend line, after a retest look to go long, if it fails to make a higher high and continues down, watch for a retest of the larger timeframe trendline or break for a longer term potential break down.
Since the beginning of this year, the FX pair EURGBP has made a fast reverse, leaving its downside trend for a very bullish construction. On that situation, as long as the tops and bottoms remain higher than the previous ones, we should look for potentially interesting entry points. Here, we probably got one due to the following reasons : - beginning of a bounce...
T.D 9 Price Flips are occurring in overbought and oversold conditions on all major GBP pairs.
AS ARTICLE 50 MOST LIKELY WILL NOT BE TRIGGERED UNTIL 2019 IT IS GREAT UNCEARTINETY THAT UK MARKETS WILL BE ON STANDBY AS UK INVESTORS HOLD ON TO SEE WHAT WILL HAPPEN MEANING THE BRITISH POUND COULD BE SHORT TILL 1.22 OR BELOW THIS LEVEL
Looking at GBP/CAD on the daily time frame price have made its first bearish leg, pullback is now for selling as I am looking to trade the second leg down. On the 4 hour chart MIDAS R1 (launched from 2016-08-03 12:00) have successfully captured the pullback together with a TD-Price Flip on the 1 hour chart. This potential trade setup have a great Risk to Reward...
Just spotted this bat pattern formation on the H4 timeframe with D completion around 40 pips below current market price at 1.71400. Entry: 1.71410 Stop: 1.70250 Target 1: 1.73780 Target 2: 1.75320 Please be aware that the minimum safe distance for a stop loss on this trade is over 100 pips. Be aware of the risk impact on your account if this trade is a loser....
Oversold RSI combined with 0.5 Fib Retracement and Extention Strong past structure at that level + could be viewed as support level of a trend which started in late 2013 Brexit effectsdisappear, hopefully!! GL
Fresh Supply Zone Origin of a strong movement in price www.FXMarketTimers.com
JPYGBP structure analysis suggests SHORT up to some point, see Chart Then act according to break of level or bounce up Careful for Fib levels .... Let's stick to SIMPLICITY GL!!
I don't trade the currencies the way most of you do. So I am sure you have a much better way to trade this. But just looking at the British pound ETF I expect at least a bounce at the 128-130 level. But it could also be a long term bottom esp wtih that volume spike. Hope this is helpful. Take care. Have a great weekend.