Short on GBPCAD Reasons for entry - RSI Overbought - Hitting Trendline - Pin Bar - Good R:R Exit Strategy - 3:1 Reward: Risk, not risking more than 2% of your account. Let me know what your thoughts are.
GBP/USD - 4h Chart - Bat Pattern Here on the 120m chart of GBP/USD we have another nice Bat Pattern setup. We must see a completion at D leg ( 1.564 ) before any short entry is triggered. - SL must go above X - Target 1 at 38.2% retracement - Target 2 at 61.8% retracement Good luck.
This medium-term trade is good because it happened right at the beginning of the day. This means that there was a real stack of supply at that price that wasn't filled in. Prices moving back in that would give an opportunity to sell the Pound against the Swissie again. The problem with this zone is that it is merely a continuation of the down move beforehand. So...
Short Entry @ 191.640 StopLoss @ 192.220 Take Profit @ 189.770 Broken Daily support over bought have had a double top in the past couple days which ran right back into the support turned resistance marked by the pink line. Fundamentally the Yen has gained some strength and it is being shown a little bit across the board. Technically we can see a lot of...
herre we see a fairly solid gartley pattern on the gbp jpy charts. like all gartley patterns , I expect the market to complete the patteren , and then continure to rally to the 1.618 extension of th BC leg. I have support form the linear regression channel, which suggests that the market is low, and should rally back up into the positive deviation. I have places...
GBP/USD - 240 Chart - Bat Pattern GBP/USD last week gave us +240 pips at the completion of a previous Bat Pattern ( Blue Pattern) Here now on the 240m chart of GBP/USD we have another nice Bat Pattern setup ( Pink Pattern ) We are on the 4h chart so this is some time yet from completing, however it is more beneficial to be 1 step ahead at all times. We must...
TEXTBOOK SETUP. PULLBACK TO THE 38.2 FIB WHICH IS IN LINE WITH STRUCTURE LEVEL. AUD IS STILL FUNDAMENTALLY WEAK, THE CURRENCY NEEDS TO GO LOWER TO SPUR GROWTH SO PAIRING IT AGAINST THE POUND IS A HIGH PROBABILITY TRADE BECAUSE THE POUND IS THE 2ND STRONGEST CURRENCY AFTER THE DOLLAR. WE'VE HAD A TWEEZER BOTTOM AND SUPPORT FOLLOWED BY A HAMMER REJECTING OFF THIS...
We have just seen a major bullish engulfing candle smashing the previous 3 days. This also comes as the price bounced off the halfway point of the fib. We also have a bullish break of the major trend line of the 4hr chart. So my overall price target is the previous high of 1.582 and might look to take some profits at 1.5692. My stop is placed at 1.51344.
PRICE MAKING HIGHER HIGHS AND HIGHER LOWS INDICATING THIS UPTREND IS WELL INTACT. TRENDLINE IS ACTING AS A GOOD SUPPORT SO IF WE GET A PULLBACK INTO THE TRENDLINE/189.000 THEN THAT WILL BE A GOOD LEVEL TO GO LONG. IF PRICE BREAKS RESISTANCE THEN THAT WILL ALSO BE A GOOD CHANCE TO GET LONG/ADD POSITION
GBP/USD - 240 Chart - Bat Pattern Here on the 240 chart of GBP/USD we have a nice Bat Pattern setup. D leg completion at 1.516 giving us a nice reversal zone. We must see a completion at D leg before any long entry is triggered. - SL must go below X - Target 1 at 38.2% retracement - Target 2 at 61.8% retracement Good luck.
Conducting Top down Analysis, we also have several scenarios on GBPUSD. The Daily time frame demonstrates the bears have lost momentum. Price has been trading in a descending channel. I believer price would reach 1.5400 at least before it continues its downside momentum; however there are also signs of a potential 1.5500. If price breaks above 1.53400 then there...
The price is in strong downtrend. It just passed the level of 1.53348, which is the 38.2% fibonacci retracement level and it is heading towards the 50% level of 1.51880. We should wait the reaction at the opening of the market. A movement below the level of 1.51880 would lead the price at the area of 1.5041/1.4968 which is a buyers territory.
BOE is the only other central bank talking about rate hike and so for me GBP is the best candidate to fight against the USD strength. Technically we have been range trading since 2009 and at the moment we are in the lower part of the range, furthermore my eyes see a good reversal pattern forming, not yet confirmed.
Price is on the support cluster and now is a good opportunity to buy up to resistance cluster. After that we will continue the sale.
Here is a potential entry long that I have been eying up since 22nd of May. It could be the completion point of a BAT pattern and it lies on the trendline I drew in equal distance away to the existing channel. Lets see what happens.
Following on from my previous post in Cable of trying to identify a BAT pattern whilst we were around 1.5670 the price is now near completion of this potential BAT pattern. Taking a short down to this level would have been quite successful, even identifying a potential BAT pattern early on before the classic buy at completion. Now the price may rise from around...
The price go over the high of December 2014 and trying now to go over the high of 21st of May. Having that the trend is bullish and the price have overcome two crtitical level my next target is the fib extension level of 190.83
Last week chart: 2 WINS Profitable pullback ( I don't trade these pullbacks ) Profitable movement up ( I made 95 pips ) We had a bearish engulfing candle on the Weekly chart + finished on friday with a shooting star candle, that closed under the resistance level of 0.712. This all happended after a break of the previous TL ( which can now be seen as the...