1) Bounced from the upward trendline
2) Support zone at 1.86056
3) Bullish engulfing
1) Descending trendline
2) Resistance at 1.87723
Plan A: One can buy from here for the target of 1.88459
Plan B: On the breaking of upward trendline one can sell for the target of 1.85340 where the major support lies.
The British pound has found the bottom. Time to open long positions. I think that a full recovery awaits us by the end of next week, at the end of this week I expect the beginning of a correction. Don't forget to subscribe)
The Market is on High Bearish Pressure and According to the Sentiments Report Sellers are on the market on weekly and daily reports
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The pair retested on out of the three levels that we marked out for as areas of value for the institutions on the upside. We think the bottom is in for the pair as there are little to no downside levels to exploit and the path of least resistance to stop loss hunt seems to be to the upside.
We expect price to test the 1.385 level before finding more...
Entry based on simple principles:
1. Very clear three white soldiers formation on 4H chart
2. Rejection at 50% of Fibonacci levels
3. Also it bounced from solid support which wasn't breached since mid of April(Bigger picture chart in link)
gbpusd filled with succes these supply demand zones as i shared 2 weeks before, right now we have a doubble bottom formed that mean price failed to create a new lower low.
in my opinion price is turning bullish and price should retest this year top high that was in february , to go buy in this scenario is to buy at fibbonacci retracement levels.
Also who likes...
There was a reaction in the demand zone. I expect the development of the impulse to the North.
GBPUSD - LONG
ENTRY PRICE - 1.37050
SL - 1.36660
TP - 1.38200
Always follow the 6 Golden Rules of Money Management:
1. Protect your gains and never enter into a position without setting a stop loss.
2. Always trade with a Risk-Reward Ratio of 1 to 1.5 or better.
In this analysis I am looking to go and retest the larger timeframe analysis level found at the price of 155 which so happens to be a very strong psychological level that may take a while to break through but should be the first indication to head up and retest prices we have not seen be tested in a very long time on the Gbpjpy. i have bought the break of the...
Our first take profit target is hit!
We have now closed half the position and will look for continuation of trend.
I will update analysis when we have more information available.
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ORIGINAL TRADE IDEA BELOW
ENTRY : 1.37521
STOP LOSS : 1.38950
FIRST TAKE PROFIT : 1.36450
RISK : 1% CAPITAL
Once first take profit target is hit we will close half the position. We will then look for continuation of trend. As we have more information i will follow up with an analysis.
Please feel free to comment and discuss.
If you like this idea or traded it with me please like and...
-Price just broke out of the 4H consolidation area
-Personally now I'll wait for price to come back to retest the consolidation area
-For an aggressive entry: I'll put a buy limit at the top of the consolidation area
-For a safer entry: I'll put a buy stop when I see signs of rejection and continuation to the upside
Additionally the weekly closed...
By focusing on the very strongest vs weakest of the MAJOR CURRENCIES, we are able to hold onto our WINNING TRADES for much LONGER without the fear of giving back open profits to the markets.
2021 So far, has been VERY GOOD to us keeping us on ONE SIDE of the market and only buying the BRITISH POUND GBP against the weakest of the other Majors.
Less usually means...