HamzaLeith
Long

GBPUSD LONG SETUP

FX:GBPUSD   British Pound/U.S. Dollar
463 12 5
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).
snapshot
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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.
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HamzaLeith HamzaLeith
stops moved to 1.662
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HamzaLeith HamzaLeith
snapshot
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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
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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!
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HamzaLeith HamzaLeith
did the real breakout begin??? GO BULLSSS
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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
snapshot
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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!

GBPUSD 240 Idea - Explosive move to the upside?
+1 Reply
HamzaLeith Timing is key
Thank you for the input, always nice to have a bit of outside confirmation! cheers
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