FullTimeTrader
Long

GPBUSD- buy orders above 1.55000

FX:GBPUSD   British Pound/U.S. Dollar
2051 8 46
Hello, according to my previous W1 idea i think this pair already bottomed and is starting a rally.
This a closer view on D1 chart, here we can see:

- a corrective channel as support
- 0.61 fib retracement
- wedge showing bullish pressure

Right now price is testing the key psycholevel 1.5500. We could have some consolidation first and then price will break this level and continue a strong rally and will not come back below 1.55000

I will place buy stop orders above 1.5550 with SL near 1.5400. A simple plan with great potential for next 2-3 weeks.

Last target would be the big AB=CD pattern (red) near 1.6500

Best regards.




ImoneyCorp
a year ago
But first before all this, we must see a 1.5200 this coming week. Then your analysis will take over... retail traders will be looking for shorting opportunities....downward to that key level while Investors with bigger equities may look to go long immediately...

Best Regards.
+1 Reply
ImoneyCorp ImoneyCorp
a year ago
1.5200 if generous, 1.5500 if not generous... :)
Reply
FullTimeTrader ImoneyCorp
a year ago
Hello, thanks for comment. Im consdering also a consolidation or may be a shallow pullback but 1.5200 seems to far (for me). Anyway, a break above 1.5500 should start the rally.
+1 Reply
ImoneyCorp FullTimeTrader
a year ago
You were spot on for this one sir. Salute. I think the price may just begin to fly upwards without a downward side that I was waiting for. As the price has tested the support twice at fib .61 and it seems it has rest it's case and now upward only. I have entered a buy with a stop loss at 1.5400 and let's see how it goes.
Reply
ImoneyCorp ImoneyCorp
a year ago
On a second confirmation, I have just seen the bears flag on D1 so it will go alittle further lower then the rally will begin. I will wait for the flag to complete it's action then we go....
Reply
forex2806
a year ago
Great ideas Fulltimetrader, in the future I will try to contribute a little more. i appreciate your thinking
Reply
SmartTradingFX
a year ago
Like your outlook! But give me my pips first haha... Currently short looking for around 30 pips more! Good luck sir!
Reply
TAJ249
a year ago
Thanks for so much interesting analysis. Its really helpful for a novice like myself.
Had a look at this pair from another perspective and wondered if you saw any merit in this idea?
snapshot
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