GBP is showing some interesting confluences to go long potentially. Inverse H & S is starting to play out with a most recent bounce in a support zone defined by the bottom of recent mid-term bearish move and 0.618 fib of previous long bullish move.
Today it touched D point of an almost perfect short-term @886 bullish gartley + bounced nicely within this support zone: potentially forming a higher-low formation just now and sitting on 0.618 of long term support.
To go long GPB would need to break the shorter-term bearish trendline with completing the inverse H & S which might be a move confluencing with taking out the 0.236 resistance of recent mid-term bearish move at around 145.8 level. Entry can be made at 146 and reasonable target is just below 149.8 which is confluencing with the 1.272 extension of the bullish @886 gartley + 0.786 fib of previous long bullish move + would be just touching potentially the mid-term bearish trendline.
Too many confluences not to go long if this plays out. SL under 143 - below recent swing low.
Please trade carefully! Any ideas/comments are welcome!
Today it touched D point of an almost perfect short-term @886 bullish gartley + bounced nicely within this support zone: potentially forming a higher-low formation just now and sitting on 0.618 of long term support.
To go long GPB would need to break the shorter-term bearish trendline with completing the inverse H & S which might be a move confluencing with taking out the 0.236 resistance of recent mid-term bearish move at around 145.8 level. Entry can be made at 146 and reasonable target is just below 149.8 which is confluencing with the 1.272 extension of the bullish @886 gartley + 0.786 fib of previous long bullish move + would be just touching potentially the mid-term bearish trendline.
Too many confluences not to go long if this plays out. SL under 143 - below recent swing low.
Please trade carefully! Any ideas/comments are welcome!
Comment:
Still below trendline. Retest of 0.236 fib (145.8 mid-term bearish move) or 0.618 (144.5 - long-term previous bullish swing) is possible. Waiting for then the short-mid-term bearish trendline to break and then good to go.
Trade active
Comment:
Ascending triangle on 4 H. Broke trendline and above support. Should go up.
Comment:
Finally it did not reach 149.8 and the price was not touching MA200 on daily.
Some positions were winners and then one was closed manually after MA300 was crossed.
Some positions were winners and then one was closed manually after MA300 was crossed.