The AB leg has been completed with the BC correction reaching the 61.8 fib level, which price has tested before, so potentially the BC correction has completed and ready to start forming the CD leg. However price action will dictate whether this 61.8 fib will hold, otherwise a deeper correction can be expected and all short positions should be held off until solid...
$GBPUSD stopped right at the weekly resistance zone I mentioned in last week's Weekly Markets Analysis newsletter. This week I'm trying to find a smaller pattern to trade based on the assumption that as long as the price stays below resistance, It has higher potential to move lower.. maybe a pullback towards 1.52. Press the link below to read the newsletter...
I have mapped out RED confluence zones where price can reverse short term. These zones are also known as Daily Demand and Supply Zones. I believe price will continue its downtrend within the Trends lines mapped out in black. There is also a dynamic trend line that has so far been respected which is the Green 21 SMA. Price is currently in a RED Supply Zone and...
I will be monitoring this potential setup this week heading into Monday & Tuesday. We have Fed Rate release on Wednesday so much like last week, I will anticipate my weekly quota before Wednesday's fundamental economic driver. If we exhibit strong bullish technical at a ICT Killzone being London Open and or New York Killzone I will look for a "bounce", not a...
UPDATE: 22nd December Price has returned to the channel after the fake breakout and has tested its strength creating a 240min red SUPPLY Zone which has been tested twice. I have added another ABCD fib extension using 28th October pivot high as A (1.6180), 14th Nov pivot low as B (1.5594) and C (1.5821) was a 38.2% retracement of B. My D extension target will...
I am pretty much convinced after yesterdays 17th Dec 2014 Bearish day candle engulfing (Marubuzo candle) the range that GBP/USD has been consolidating in since 14th November and that cable has continued its downtrend. Based on ABCD Fib extension there is more downside to be seen. Price should continue testing the outer trend line creating Lower Highs. Price has...
I believe we are up for a sell on cable since price is reaching a current range top. Clear bearish order block around the 1.6160 level. also a clear resistance level form weekly and daily charts. GBPUSD has a bearish outlook since market structure is in line with the 9 & 18 Emas on the daily time frame. Big boys are still short in this pair.
I am short Cable with the smaller Bat, but placed my stop above X of the bigger Bat. So I have twice the chance of a profit, but of course also twice the risk. but as the Stop of the first one would be in the trigger area of the second one I play it like this. First Target .382, second target .618
I hope to get a chance to enter this trade. Due to the huge Pattern range I would only shoot for Target One and give it some room to settle, placing the stop few pips below 1.58 so that the Risk Reward is still above 1.1
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...
Could break either way. This level of support seems to be holding so far. A break to the upside and i will target the two white horizontal lines, a downside break will target 1.65
There has been a 12 month uptrend in the GBPUSD. Fundamental analysis suggests strong Sterling recovery against the backdrop of a resilient service-sector biased economy. Since September 2013 the rise has been constrained in a relatively firm channel. That said, July has been a month of cascading prices. Many attribute this to a number of negative reports. ...
GBPUSD bullish move has lost steam. Price action may move towards the support @ 1.6745. Short term we may see a small pullback to 1.7041 handle which has become resistance unless broken. This could be the time to short. RSI below 50 may also give confirmation. Long term bearish sentiment may take it to yearly pivot and 0.5 FIB level @ 1.6000 handle.
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...
A close above 1.6869 could re-assert effort to advance to retest high.