We can clearly see the reaction to the downtrend signal expiry. I'm looking to buy a breakout above the 10 period MA here, which would put my entry at around 1.53849 to be safe. GBP has been lagging the Euro and Crude rally, so it'll be interesting to monitor all GBP pairs for long setups now. Will update with the entry and scale in opportunities.
4h shows this setup now, daily setup reached the target, but there's time left.
The week will close as a range expansion bar above the mode, after 44 daily bars, or 8 weekly ones without new lows.
This is a monster rally setting up.
I'll publish a weekly chart with a suggested entry after today's NY close.
FX_LAB_PRO
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Nice chart!!!
in daily chart, i see a reverse head & shoulder bottom, and by the neck line, the target is 1.7. and it is also weely MACD and stochastic saying too. What do u think?
IvanLabrie
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Yes, I think it's a legit inverse head and shoulders, but I don't trade using it, it's too late always, and you can't measure risk properly with it, not useful for actual trading, maybe forecasting but not trading.
FX_LAB_PRO
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agree!!!
how about the target in shorter term? from 1.457 to 1.58 if AB=CD, it may be 1.519 to 1.641
but i read your new sharing today, 1.632 is your weekly target, why 1.632?.?
IvanLabrie
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I don't use conventional technical analysis techniques.
I projected targets using what I learned from Tim West.
Read my last chart, the new one has my updated view on this pair.
IvanLabrie
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Seems like the Pound's resuming the uptrend here.
IvanLabrie
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Watching, we now have a 13 bar mode at two price levels, after today's close.
IvanLabrie
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IvanLabrie
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I doubled my position post NFP.
New 13 bar mode here. No new low in 5 days by Monday.
Expecting bullish continuation post shock.
4h shows this setup now, daily setup reached the target, but there's time left.
The week will close as a range expansion bar above the mode, after 44 daily bars, or 8 weekly ones without new lows.
This is a monster rally setting up.
I'll publish a weekly chart with a suggested entry after today's NY close.