Timing is key
Long

Action / Reaction Confluence Meeting Price on G/U!

FX:GBPUSD   British Pound / U.S. Dollar
578 3 8
Hello all,

There is plenty of support at G to around 166000, Likely to head towards 168400. Should it zoom past ML resistance prices heading to latest ML "H" at around 171000. If it fails ( purple dotted arrow ) will go to lower prices.

PS: Thanks PIPS4LIFE for letting me know of this possible long setup on your chart workup.

Sincerely,

TIK
Hi Timingiskey !

I like your chart as I like your username which gives a strong advice to everyone here. Nevertheless I'm not sure about a GBP reverse up for now. US dollar uptrend seems to be very strong to me. What your SL or unvalidation level ?

Best Regards,
Serge
Reply
Timing is key Mirandole
Hello Serge,

There was a small bounce on that level......however now broken. I chose the most recent high to measure down from however that's been invalidated, so I will now go to the most extreme High on the above channel and measure down which gives me the 164900. Anything past that than this idea is invalidated. I have also re-adjusted my fork which lines up a little better ( see purple arrows ) with the 1st Warning Line around 164900. What is interesting is how price is following the downward sloping R1 perfectly. It may fade to the right as it slows down to 164900 area. we will have to wait and see:)

PS: remember this is like catching a KNIFE:)

Sincerely,

TIK

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Very nice graph
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