GBPUSD:
According to monthly timeframe, market is oversold. Market has been at its lowest dated back to 85'. September candle closed with wick rejection bullish (doji candle). market has potential retest of monthly support becoming resistance. Due to the above I therefore believe the market may need a correction before a potential run bearish again.
Daily timeframe shows strong bearish trend. Support at bottom blue level, and resistance at top blue level. We are still within a daily ABCD Fibonacci sequence bearish. A break below daily trendline support in September thereafter the market made a huge pullback to 61.8% retracement level. Potential Gartley sequence forming should the market find support at bottom blue level where we can expect the market to begin a rally towards the top blue level for resistance and then continuation bearish for future daily low and future daily fibonacci target. If dollar strength continues one can expect the continuation to play out, if dollar losses strength we can expect a new bullish trend for the longer term. If the market breaks above resistance trendline and does not form the "D" gartley at this level I'll step back and not expect the bearish continuation until further analysis.
Of course this is a long term setup, so this could take weeks/ months/ years. But the important thing is getting direction right which will give a trader an edge on the market and to deploy their selling or buying strategy.
#Successformula
According to monthly timeframe, market is oversold. Market has been at its lowest dated back to 85'. September candle closed with wick rejection bullish (doji candle). market has potential retest of monthly support becoming resistance. Due to the above I therefore believe the market may need a correction before a potential run bearish again.
Daily timeframe shows strong bearish trend. Support at bottom blue level, and resistance at top blue level. We are still within a daily ABCD Fibonacci sequence bearish. A break below daily trendline support in September thereafter the market made a huge pullback to 61.8% retracement level. Potential Gartley sequence forming should the market find support at bottom blue level where we can expect the market to begin a rally towards the top blue level for resistance and then continuation bearish for future daily low and future daily fibonacci target. If dollar strength continues one can expect the continuation to play out, if dollar losses strength we can expect a new bullish trend for the longer term. If the market breaks above resistance trendline and does not form the "D" gartley at this level I'll step back and not expect the bearish continuation until further analysis.
Of course this is a long term setup, so this could take weeks/ months/ years. But the important thing is getting direction right which will give a trader an edge on the market and to deploy their selling or buying strategy.
#Successformula
Trade closed: target reached:
Done and dusted!, now looking forward to dollar strength again..
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