After the sudden steep decline of the EUR yesterday during the ECB interest rate conference, the EUR seems to have gone into consolidation vs the Yen, Dollar and Pound. Both the Stochastic and the fast EMA are indicating reversal intent but we're going to have to wait and see. Check those breakouts and don't let yourself get caught with a fakeout. For more ideas...
After some data releases came out we see GBPUSD retrace down to 1.6441, but i see a nice pattern kicking in by looking at MACD and RSI once again. Noticing gbpusd hits a low we tend to see a recovery back in the 1.6500-1.6600 region. Noting that the 1D 1H and 1W on GBPUSD are all sitting super low to on the RSI
Inspired by an indicator I found on stevehopwoodforex.com and the endless possibilities of tradingview.com I came up with this currency strength visualisation concept. *Please hit the zoom-out button once* (or more if you're feeling wild) This may look like a mess, but the last few "bars" on the chart are holding some useful information! I'm sure I'm not the...
Cable broke from the previous range this morning with a move above 1,6610 marked level, after disapointing manufacturing PMI data it droped back and tested that level from above. If that breakout is valid then we should follow up now towards 1,666 ressistance level. Keep in mind that manufacturing PMI's aren't influecning Pound so much beacouse of how brisitsh...
Heads up for the Bat pattern guys. I'm still bullish in GBPUSD for medium term also.
GBP/AUD currency pair is close to an important support near 1,772 level which is 2014 low and possible wave 3 end. If we take away the fact that 5 wave structure should be in the bigger trend direction (which is an uptrend on bigger time frames for GBP/AUD) then the downside scenario is valid and if price manages to go lower then 1,772 low then way to 1,74 and...
It remains that the ongoing improvements in unemployment, a lagging economic indicator, coupled with a solid recovery should eventually lead to a rise in wage growth. As a result, the current weak earning growth may not reflect the current health of the job market as it is an even more lagging indicator than unemployment. Furthermore, the 2-3% rise in the national...
On this pair here is what i think is going to happen: First the pair would go short until it reach the 382 of the july 8 2013 trend up. Now im not saying it would go beyond that but im not saying i wont. Depends on the price action, now we should take profit in that area after making some in the short trade. Observe that this is a weekly chart and if we are...
Friday's drop opened up the Head and Shoulders scenario for the GBP/JPY currency pair, price managed to break and close under the neck line and so far it stays below. That would mean there's an posibility to enter short trade at current price level targeting levels close to 170 as that would be the H&S formation range. But there are few "IF" on that entry that...
GPB is at 78.6% fib retracement area - support area which may hold. Fridays bit disappointing US data, may see pull back GBP to resistance area - 1.7 - RSI strongly oversold being at 10.12 supports idea of retracement to 1.7 key very psychological level for GBP. worth noticing is that last week was 4th in a row of correction in GBP. I would be looking to place...
Bullish Bat Pattern on the 4h GBPCHF. The 886 is being hit at some decent support as well. There is a small showing of 'hidden' bullish momentum divergence (I'd like to see more of a discrepancy but not a deal breaker to see this as a good trade opportunity.) Looking for a retest of the 'B' Point.
I'm a little late on getting this idea posted, but we had an abundance of advanced pattern trading opportunities setting up as my live trading session came to a close. Some have since rallied and some have been stopped out. This particular one is still at market and for those who like to take more of a conservative approach, may be putting in a retest of structure...
The situation is very optimal for a buy with targets at 0.815 and 0.82 or 0.83 in extension.
With the CAD pairs popping today some of the longer term patterns are starting to come close to completing. Bearish GBPCAD cypher set up completes at an area of structure, with the big wick on the x leg not closing above previous resistance levels. Current set-up comes off another big winner on previous bullish cypher pattern completion!!
GBP/USD felt to really important level if there's an chance that it will conitnue the uptrend that we might be just getting to the entry point at the moment. There's an confluence of green marked Demand zone, 50% Fibo retracement of last swing up (1,669-1,719), daily trend line and the previous smaller leg up low at 1,685 level (red circle). Todays down move was...
I've shared this 4 hour chart to illustrate greater insight on the entry and exit points, but the daily chart illustrate the bigger idea of buying at support/50 SMA in a pull back. GBP is showing signs of strength -- I'm already long GBPJPY and GBPAUD -- and so I think what we're seeing here are signs of accumulation. I think the lows of this past Friday, July 25,...
This morning I recorded a video looking at a bullish Gartley opportunity that I missed. By the time I got my orders in price action had move well beyond the original entry point offering a much better risk/reward. Hours later we are still holding on tot he very last bit of structure and are attempting to put in a double bottom depending on the close oft his...
I've been a bull on this pair over the last month or so but now I've got a short opportunity on my radar looking at a retest of previous structure highs on the daily. As a countertrend trader it's important to realize that I'm not looking for the big long-term move, simply a brief correction. If this correction rolls over more than expected there's a 2nd...