GBPUSD - Long? Maybe yes, maybe not, maybe now, maybe later
I am tempted to buy, but I am still not too confident if it is really the time to enter long, or wait for more signals.
Let's make a checklist.
Daily: A wedge is developing. First question: which trendline is "more valid"? Should we ignore the 19/Sept wick, or should we match the trendline with that? Anyway, I drew two trendlines. The first one stays together with th important horizontal key level now, and Price is flirting with it ard 1,6110. Will it break? That's the second question. It has some chance, since MACD has a massive positive divergence, and Slow Stoch is slowly moving up too. Still we'll have the third question in place: what will happen at the second bearish trendline which is right at Kijun Sen now at 1,6195?
Ichimoku is still bearish, maybe some early warning signal is that Chikou lost a lot from open space ahead, but in fact no real bullish or reversal signals here.
4 Hrs: Trades above 100 WMA. Looks as a chance for a Bullish Kumo break. But Slow Stoch is defenately too high, so short term it is a bit overbought, probably not the best entry point now for a large long position. ADX is super low with a DMI impossible to read.
It looks rather bullish, maybe time to slowly buy some, but I'd wait for a pull back to the Kumo or Kijun Sen to buy a real unit size.
Did I help you to decide? I don't think so :-D. So please share your views, feel free to comment, or show what your trading system or model suggests.
Let's make a checklist.
Daily: A wedge is developing. First question: which trendline is "more valid"? Should we ignore the 19/Sept wick, or should we match the trendline with that? Anyway, I drew two trendlines. The first one stays together with th important horizontal key level now, and Price is flirting with it ard 1,6110. Will it break? That's the second question. It has some chance, since MACD has a massive positive divergence, and Slow Stoch is slowly moving up too. Still we'll have the third question in place: what will happen at the second bearish trendline which is right at Kijun Sen now at 1,6195?
Ichimoku is still bearish, maybe some early warning signal is that Chikou lost a lot from open space ahead, but in fact no real bullish or reversal signals here.
4 Hrs: Trades above 100 WMA. Looks as a chance for a Bullish Kumo break. But Slow Stoch is defenately too high, so short term it is a bit overbought, probably not the best entry point now for a large long position. ADX is super low with a DMI impossible to read.
It looks rather bullish, maybe time to slowly buy some, but I'd wait for a pull back to the Kumo or Kijun Sen to buy a real unit size.
Did I help you to decide? I don't think so :-D. So please share your views, feel free to comment, or show what your trading system or model suggests.