pound was hammered last week bcz of the new restrictions of PlanB from Boris which will cost the government 2 billion pound.
this news removed from the table the potential higher interest rates this week, however we still see some minor pullback before any continuation might happen. good luck
EURGBP H4
This performed perfectly, really good break and retest, was hesitant due to expecting a slightly larger correction, and for that correction to bring us back into structure, however we never saw that and that 0.84600 support price held nicely.
Not looked at Wyckoff concept for a while but watched a video the other day and found something similar after distribution. These guys were using an average level from accumulation/distribution. So with it being Christmas, I thought I would look into it again.
This looks like it is setting up for a drop - we could indeed be in phase C of the concept.
I would be...
Here's an update from the last GJ post. Still short & it's looking like the pattern is playing out.
Disclaimer
This idea does not constitute as financial advice. It is for educational purposes only, our principle trader has over 20 years’ experience in stocks, ETF’s and Forex. Hence each trade setup might have different hold times, entry or exit conditions and...
Brexit and Covid 2.0.
No real need to say much else. However, we are in a Daily wave 4-5 of an Elliott wave. We should see a little pullback and a bigger drop. COT data also major short the GBP and net long JPY. There were key turning points in the Cycle indicator on the 5th, 10th and 15th - next is the 23rd, to the 29th.
Let's see where next. Suprised if it...
Looking at the average Elliott wave cycle we are in a downward trend for GU overall. The pullback was a bit extreme but actually only to the 618. GBP strength in this situation makes almost no sense. Brexit & Covid 2.0 with Boris n friends running the show. All that's happening right now is the institutional investors are gathering liquidity.
COT Data shows an...
📍 GBPUSD is trying to correct on Thursday but the COVID-19 pandemic and Brexit put too much pressure. The British Pound remains weak against the USD on Thursday despite today’s slight attempts to correct. The current quote for the instrument is 1.275xx. The Pound remains under pressure from two very negative factors, the coronavirus, which is reviving in the...
Greetings Traders !
Our view of GBPJPY
Price broke out of prior months channel formation
Possible retest-of channel and if 137.700 holds
Expect higher highs to139.300 resistance zone and above
Otherwise, with economic fundamentals, brexit, stimulus, if chart respects bearish butterfly formation pattern, etc.
We could see a bearish move to 136.500 zone as...
GBPJPY Made a perfect pullback to the level. Collecting orders is what we like. 4H 50EMA and huge wick. 1H Bullish engulfing + momentum switch
Could be a good one to take
My Bias hasn't changed on GBPUSD for a while now and I'm going to stick to this bullish mindset until we get a clear break of previous structure lows.
Riding it all the way up to the top!
Sup traders
On today's watch list is the GBPUSD, currently looking to long the market to stick with the bullish momentum.
We should see target being hit hit over the next few sessions!
As always, keep the risk managed!
Cheers :D
Hello people,
This is probably the only time I would try to catch a falling knife or the other way around. Find a good entry and go at it.
Trade Consciously,
Masih
Limited coverage lately as @ridethepig is spending more time on calls these days than in my entire career. Trying to get a sense of productivity, expectations and capital structures before making further comments.
On the UK side, the mood is low and with PM Johnson still in ICU it does not look good. All rallies should be sold in cable towards the highs in the...
