rv
Long

GBPUSD (H4) Long @ 1.61900

rv  
FX:GBPUSD   British Pound/U.S. Dollar
424 12 10
GBPUSD             (H4) Long @ 1.61900

Potential corrective rally. setup.
IHS             potential pattern.
potential 15/7 downtrend_line brake_out, 200 sma . Above 50 , 100.
MACD bullish divergence recorded, Crossover turn on uptrend.

RSI overbought. Possible retest of brake_out , entry 2.
Daily RSI @ 47

Target_1 : 1.62800
Target_2 : 1.64000
Target_3 : 1.65000
Good call. I've been long from 1.6017, taking a chance on the IHS. Overhead, 1.618 needs to be cleared for more confirmation to the upside. Considering the time frame for this trade, it points to a dovish FOMC outlook. What do you think?
Reply
rv justatrader
hi, thanks !. good call yourself. Yes there are things to be cleared, for sure. Also the looming Daily 50 sma, in case. Its a counter trend idea. Otherwise if things turn(momentum wise) and rejection, one can go short at this seeming juncture. Regarding the Fed, yes, its possible.
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What is your opinion on the longer term for this pair? I'm starting to think the correction is over, because if you see, the correction ended near 38/2% Fib level from the daily charts (measuring high to low of the rally). Then there's this inverted HS... + bullish divergence, RSI higher low with price Higher Low.
Reply
rv justatrader
hi, you mean 23.6% ? or i misread. Trend is down. but recovery rallies possible. If you see the monthly chart this area is quite sticky. (1) It broke the downtrend_line, now it seems to wait, tagged the 200, and under. Momentum wise is gaining some more(daily). could try the next high at 1.6220, 1.62800, if it breaks through. On the other hand, it could stall here and head back down. ( lots of people are talking about the IHS ). setup is valid for tomorrow, though :)
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This is what I mean from monthly charts:
snapshot
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rv justatrader
cool. thanks, 1) above the diagonal. 2) rejected ( 61.8% )..
Reply
rv justatrader
look at this very nice trade, for comparisons, from our friend Technician. similarities and differences. MACD and RSI values (daily) , at brake_outs. it needs to push here, in case.
CADCHF: Bullish Reversal!
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Moment of truth!!!
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rv justatrader
ha :) it gave up..on the spot
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Yep even without triggering the entry. I'm waiting for the H4 candle to close to see where this will end.
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rv justatrader
stops on , parachuting etc
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:D I think this time the neckline will break for a rally!!! I'm still long. Daily charts also making a clear right shoulder now!!
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