FX:GBPUSD   British Pound / U.S. Dollar
471 views
5
471 12
Price reached the lower quartile of a schiff pitchfork (dating back to nov 2013) and couldn't close beneath it. Standard and custom (slower) MACD are going up (on 4hr chart). I think the price will reach at least the median line (red line) and probably retest the upper quartile forming a double top . Good Luck
Breakout imminent, in addition to the indicators shown here I see decent positive Chaikin money flow (volume based).
Reply
HamzaLeith HamzaLeith
I will only close the long position after a close below 1.67024. This movement reeks of a head fake to me!!. The BB width is not even reacting to it.
Reply
HamzaLeith HamzaLeith
stops moved to 1.662
Reply
HamzaLeith HamzaLeith
Reply
Timing is key HamzaLeith
Hi, you may be right looks like manipulation with spike bar & immediate rejection, the last 3 bars are copybook reversal pattern & market is now sitting above major 50% support. My timing line V10 was 1 bar early for the Minor top, but if this top is taken out it's to the median line we go:) conversly if P5 bottom is taken out it's all over red rover......either way I anticipate a BIG move
Reply
HamzaLeith Timing is key
Yes it is mind boggling, the markit composit data came right at that very same candle and pushed the price back up. I think the decline took place only to increase the RR ratio for those expecting (or already knowing :P) that the data is positive!
Reply
HamzaLeith HamzaLeith
did the real breakout begin??? GO BULLSSS
Reply
Guys I wanted to show you something very typical of the use of bollinger bands. It is called a head fake. After the squeeze of the bollinger bands a breakout always occurs. However what is very characteristic with bollinger bands is that many times trades get "tricked" regarding the direction of the breakout by something called a Head Fake. I think we are witnessing one of these right now with the GBPUSD. Take a look at a chart and let me know when you don't understand what I mean. Cheers
Reply
Timing is key HamzaLeith
I agree, looks like a fake-out/stop run. I used different forks challenging the previous high on your daily. This is an interesting play!

+1 Reply
HamzaLeith Timing is key
Thank you for the input, always nice to have a bit of outside confirmation! cheers
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out