GBPUSD weekly review, trading plan for a begining of the week
Indeterminate direction of price as no clear signs has been given by the last quarter closure.
Last quarter's close is above 5MA what gives a bit more power to bullish signals
Currently none of the major chart patterns appears (Quarter)
Price is currently at 50% Fibonacci retracement area
in a relation to Quarter Chart
Will look for a bullish long-term entry setup (based on Quarter chart, using lower leverage and wider stops, this type of trade will be left open for up to a quarter) at around 1.5400
On a weekly chart we have a bullish pattern
Price is currently at 38,2% Fibonacci retracement area (Filtered to weekly timeframe)
in a relation to Previous swing UP
Will look for a bullish short term entry setup (based on weekly chart, this type of trade will be left open for a few days) at around 1.5400
Currently none of the major chart patterns appears on 1D chart
Will look for a bullish short term entry setup (based on 1D chart, trade will be left for hours, but position will be closed in parts and using a trailing technique, will try leave it open for a maximum period possible) at around 1.1010
This short term trade is at high risk with a low probability factor, but as a trader, I can not ignore the signal, so short stops and short targets must be applied
In conclusion, all the levels I mentioned are based on a current market activity, but everything can be changed within seconds, however based on a review that is done, I will be looking for a buying opportunities this week.
"P.S.: Sometimes you can see opposite opinions in my analysis. Please don’t rush to complain. It is happening due to a different timeframe analysis. As an example - If I have a buy signal on a quarter chart (3m), it doesn’t mean I have no selling opportunities on a Daily chart or on a 1H chart."
Last quarter's close is above 5MA what gives a bit more power to bullish signals
Currently none of the major chart patterns appears (Quarter)
Price is currently at 50% Fibonacci retracement area
in a relation to Quarter Chart
Will look for a bullish long-term entry setup (based on Quarter chart, using lower leverage and wider stops, this type of trade will be left open for up to a quarter) at around 1.5400
On a weekly chart we have a bullish pattern
Price is currently at 38,2% Fibonacci retracement area (Filtered to weekly timeframe)
in a relation to Previous swing UP
Will look for a bullish short term entry setup (based on weekly chart, this type of trade will be left open for a few days) at around 1.5400
Currently none of the major chart patterns appears on 1D chart
Will look for a bullish short term entry setup (based on 1D chart, trade will be left for hours, but position will be closed in parts and using a trailing technique, will try leave it open for a maximum period possible) at around 1.1010
This short term trade is at high risk with a low probability factor, but as a trader, I can not ignore the signal, so short stops and short targets must be applied
In conclusion, all the levels I mentioned are based on a current market activity, but everything can be changed within seconds, however based on a review that is done, I will be looking for a buying opportunities this week.
"P.S.: Sometimes you can see opposite opinions in my analysis. Please don’t rush to complain. It is happening due to a different timeframe analysis. As an example - If I have a buy signal on a quarter chart (3m), it doesn’t mean I have no selling opportunities on a Daily chart or on a 1H chart."