Reason for long bias: 1. Clear uptrend. 2. Price has broken a resistance level (2 bounces recently) 3. If price shows signs of rejection at new support then I will buy.
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Comments
ejay.o
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Interesting position to take. I think there's a good chance for a reversal. On my chart price has hit a major pivot point, a major fib level, the top of a descending channel and candles look like they're getting exhausted. But I'm a forex newbie so lets see what happens over the next few hours lol...
GrantShuttleworth
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Can you post your chart? Im interested to see your idea. To be honest I am a little skeptical taking longs on the Pound but if it is what the chart is telling me then I must consider it.
ejay.o
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I'd be more than happy to show you my chart, but I still haven't quite got the hang of using the charts on here (only opened my account like 2 days ago) - they don't seem very user friendly. Is there a way I can post a screenshot of my MT4 chart? Copy and paste doesn't seem to work on here or in a PM.
It looks like price has broken through the 0.618 fib level, but it's still hovering around a major monthly resistance level. And when I had a look at GBPCHF in relation to GBPUSD I saw it had somewhat of a correlation in terms of price movement. These are just my thoughts.. I feel it could still reverse and continue a downward trend, but then again if price breaks through that monthly resistance level then I could be terribly wrong lol
GrantShuttleworth
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Interesting, I like your idea, I didnt see that setup on the bigger timeframe. Price has moved up in the meantime but being the pound who knows how far up this thing will go.