As I can see this pair is testing strong support zone and price is still holding with bulls
and we are buying this pair also on the base of GBP STRENGTH and right now this pair is testing weekly based support zone
so we expected this designed Tp will achieve with a small risk and looking for higher rewards
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Welcome traders to a free analysis breakdown.
This breakdown is a little different than normal, i have broken down the reasons for taking the trade and what we looked for leading up to pulling the trigger. Hopefully this can bring value and insight to your trading journey.
If there is any pairs you would like me to cover in the next video leave a comment...
I have broken down and highlighted the reason I am looking for a possible long trade to the upside.
Everyone inside of the Alpha community I will notify you when we should get in this possible trade.
I would suggest keeping this pair in your watchlist to see if your own rules are met.
If you take a trade from the analysis leave a comment in the section...
currently at weekly support that has held strongly in the pas and according to price action on the H4 time frame, strong up trend is expected......after the strong bearing move the the support zone we are currently at, retracement to the up side is expected. brain storming on this one......valid trade for me as all my rules are met o this one... we had looked at...
Here's what we have...
- Daily shows an overall Bull
- 4HR we see a trendline being respected as HL's
- 1Hr and 30min we see a minor broken support turn into resistance
- We wait to initial Trade next week
Price is making a five-wave Elliot Wave impulsive structure. I'm looking to long wave "v" once wave "iv" is completed around the Fibonacci level.
Kindly like and follow if you like this analysis.
I projected a double zigzag In my previous analysis due to the nature of wave (a) of the correction. Fortunately, the confirmation level was not triggered and the market rally higher to complete a five-wave cycle in wave (c). The five-wave suggests that the whole correction is a simple zigzag pattern.
Price has made a deep correction that terminated at 78.6 Fib...
It is on the verge of completing the right shoulder on daily, if it breaks the highlighted trendline in H1 chart then will complete the right shoulder and break of a massive symmetrical triangle on daily. Close above the previous high on 1H will invalidate this setup.
This pair has recently formed a bearish flag right at 50% retracement and at Daily Resistance level which has numerous price activity around said level.
Also notice that price is at the Bottom Cloud foreboding a breakout any moment.
Volume is also decreasing as price rallies higher indicating that this is not a legitimate bullish move.