GBPUSD-bouncing on trendline + AB=CD retracement

FX:GBPUSD   British Pound/U.S. Dollar
936 7 20
This trade is based on previous EW idea:

GBPUSD-EW long term analysis-nice leading diagonal forming

We have some technicals reasons to enter long:

- harmonic AB=CD retracement
- strong trendline support
- bouncing on EMA200
- 0.50 fib retracement
- stochastics oversold
- near pycholevel 1.5500

Best regards
I just love ab=cd. Im in!
This was a very very ... very nice technical and logical analysis. However i hope that you didn't take this trade, or you did take it with a lower SL level because it is also a good example that market is sometimes not that predictable. Anyway, price will eventually rally at a specific moment, but i think it will hit bottom around 1.542 price level before the reversal sets in. Good luck!
A Big welcome back
FullTimeTrader Technician
Hello, nice to meet you again too...
anwar.mashni Technician
what are your thoughts about this sir?
Hi, i'm new here. I just was wondering whether you are purely technical? In my opinion all the news today showed to me that there was USD strength especially from the weak EUR which would have been the reason I wouldn't have taken this trade. I feel like this was technically a very good trade, but fundamentals always overcome technicals right especially on this time frame!

P.S sorry if that came across arrogant, it wasnt meant to be! i have started trading this summer and i'm just trying to implement what i have learnt.
+1 Reply