If I had to pick one currency to have a long position in ATM, it would be GBP. The EUR is weak, the USD is seeing a much needed pullback, and despite uncertainty in the past couple of months leading up to the elections, the GBP is starting to look like a nice long trade. I think we might see a decent opportunity in the GBPUSD in the next couple of days. The...
The daily chart shows us a bearish engulfing candle, formed at this resistance line of 1.5780. So we might see a pullback into: - TL ( 3rd bounce ) - Fib level(s) 38% ( or 50% ) - Zone of support ( where last higher high was formed ) It is here, that we want to go long again and fulfill the fib play and follow the uptrend
Here we see a developing Bat pattern in a triangle or wedge pattern. we know that wedges generally rally out at 3/4 of the triangle, be it up or down. So what we should expect to see happen here is that the market will rally down into previous structure around the 1.618 extension of the AB leg. when the market does so, it will complete the bat pattern...
As we see the price is moving into an uptrend channel. Now it has reach its lowest level therefore i suggest if the price go over the level of 0.7223 our target should be the 0.5 fib level (0.7300)
GBPUSD is showing bearish 4 HR divergence and bearish 1 hr divergence. GU is a pair to keep an eye on for a medium term short. I am waiting until the price action goes below the 1.5600 recent high and back into the RSI channel. I am also looking for a break of the support line on DiNapoli.
If this trade takes it will present a very nice risk reward ratio... As shown on the chart there are two likely scenarios. One of which would be the pair finding resistance at its current level of 118.060 and selling off to previous support. The other would be a small additional rally all the way to the top of the resistance zone of around 118.500 where the sell...
The market is about to complete a crab pattern, upon completion in the potential reversal zone, the market should retrace back to the 1.618 fib of the BC leg. please like and comment and don,t forget to follow me. Good trading !
Most USD pairs weakness against USD has be very stretched have been appearing to either reverse trend or at least make noticeable retracement GBPUSD is not different. It is possible that the recent bottom formed in April could be significant one resulting in trend change or may be just an intermediate low. Also as it was severally oversold exasperated by...
In my previous GBPNZD chart I suggested a potential larger contracting triangle and associated long trade highlighted has developed really well the low. However the price action has now overshot the requirement for contracting triangle upper limits (see chart link below) Therefore, the contracting triangle is no longer valid, nevertheless in the longer term the...
We observe a bullish breakout on the trend line. So my plan is that if buyers could keep the price above the support area of 181.57/181.03, then their second try to go over the area of 184.983/184.446 would be successful. Therefore my target is the level of 187.766
AUD/GBP Tringle Breakout at bottom.....Long and Short posibily! After cutting the interest rate (RBA) on a new record low 2,00% (2,25% before) and a coming economic quarter forecast update a friday, so there could be a very nice move in the breakout direction! All eyes on the interesting support or resistance level!
Background: Price found enough demand to halt its current downmove @1.46300 where the current minor rally broke the (red) supplyline indicating that demand outweight supply at this moment , the rally stopped near the current high @1.5552 which can bee seen as current resistance which needs to be overcome in order to speak for returning strenght to the market ,...
After the FOMC rate statement played down the poor data and nothing really changed I expect the USD to be some what neutral over the coming weeks strengthening and weakening against strong and weak currencies. After the poor GDP from the UK and the elections weighing heavily on the GBP at the moment I would expect a pull back to the 15000 betweennow and the 7th...
Pound sterling has been very bullish against JPY. for the month of april. although it is now at a resistance of the downwards trend line, it is currently breaking the 61% fib level on the Daily time frame. suggesting that a reversal might not be on the books just yet. If we see price breaking beyond the trend line, I will be aiming to take profit around the...
- Nice risk/reward ratio - .618 fib retracement - previous support
A triangle is being shaped. Just wait for the breakout...
basic textbook setup. price has retraced into a key resistance level which also has 2 fibs lined up with it aswell (38.2% and 61.8%). double top has now formed and price has bounce off the Resistance forming a pin bar/inverted hammer. Target at the neckline of double top.
Hello traders, This is Ahmed from Pro Trading University. I tried to short this pair yesterday based on a trend following play, but that didn't work out. I am shorting it again right now based on a cypher pattern. In trading, it will really help if you have a short term memory, lol. I mean you might want to skip this trade because just 1 day ago you tried to...