The instrument is globally in a descending channel, at the moment we have broken through a strong resistance. After a long upward distribution, it can be assumed that the instrument has no energy to continue moving, the most logical thing would be to wait for a return beyond the resistance level, and then take any actions. I'm expecting a return to the support area
EURGBP on the daily chart retraced until the 0.5 fib level.
Price after the impulse is moving inside a descending channel and seems to find support on a daily structure.
IF the price will manage to move to the upside and break above the resistance structure we can set a nice long order according to Plancton's strategy.
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Follow the Shrimp 🦐
Here is the...
The market has been on the lows for a long time and could never break the weekly support.
After a break on the daily discending channel price has moved in a higher low higher high pattern and now testing the resistance structure.
If the daily candle will manage to break and close above the structure we can set a nice long order according with our strategy.
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GBPUSD on the monthly chart is in a descending trend and after the price created a triple bottom on a monthly support is approaching the upper side of a weekly descending channel that is also near to a weekly resistance.
The possible future scenarios is that the price will break to the upside the weekly channel and approach the monthly discending trend line...
The market has been side ranging between the 2 blue structures since the beginning of last April.
Price is now getting closer to the trendline that create a huge discending triangle.
According to our strategy we wil set a nice buy order only at break of the upper structure.
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Follow the Shrimp 🦐
Here is the Plancton0618 technical analysis, please comment...
Hello there,
as stated before, the daily/4h (chart represented in the 4) is showing a possible descending triangle .
Thought is not a perfect setup as triangle, is still has 3 touches in the bottom and the representation which i showed would be a the ideal case of a breakdown. The possible target is not the low, could go lower or even never arrive to the low....
