We talked about the triangle chart pattern based on the daily timeframe. Now it is the right time to look at the same pattern but using the 4H chart.
The price reached the bottom line of the pattern, and we should focus on the price action in this zone. If the price bounces, we will have a buy opportunity. MACD and RSI support the reversal and further upward movement. Also, we have a trend reversal signal based on a bullish divergence. We just need to get a good bullish candle at this zone. Pending orders for buy can be placed above the local swing high. Stop orders must be placed below the local swing low. Profit targets should be at the upper line of the triangle.
If the price breaks the triangle, it will give us a bearish signal from the daily and the 4H timeframes. I would like to place pending orders for sell below the local swing low, just in order to get an additional confirmation that the market is going to move downward.
Disclaimer! This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
What about GBP/AUD also seems to made a reversal GBP/USD , GBP/AUD and GBP?NZD seem to follow each other so any comment on GBP/AUD would be helpful thanks
SRSenrique
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You came from a different Universe bro. Your ideas are always containing stupid reasons and the loser ways of trading!! I hope smart people avoid most of your so-called ideas based on lagging indicators. (thumbs down))
graecross66
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As I understand today wensday trade talks phase one anonecement what impact will that have on GBP/ USD will USD not strenghten on this good news? thanks