Before anything else, I would like to make it clear that I would first like to see a pattern completion/confirmation of either the Double Top or the Head & Shoulders before entering short trades.
At the moment, price has reached former resistance area and this can be treated either as the 2nd top or the Right Shoulder. Minimum targets of each, wherever you like...
This pair has recently shown some bullish momentum. I think this bullish move is going to end very soon. May be this week, the GBP/USD is going to turn bearish. However, there is still room for intra-day buyers as the pair still needs to rally at least 200 Pips to reach the sell zone .
At 1.3264, the pair will find confluence of resistance.
What are those...
Our preference: sales position below 1,3000 with targets at 1,2950 & 1,2910 in extension.
Alternative scenario: in excess of 1.3000, aim for a continuation of the rise with 1,3030 & 1,3075 in line of sight.
Comment: The slide under 1.3000 is a negative signal that paved the way for 1.22950.
WEEK - nice established down trend -
looking for price to move in direction of trend (down)
DAY - Price is consolidating along White s/r line.
Looks like secondary trendline being respected - if breaks
black trendline looking for it to continue up following plan A
If it respects and holds at black line looking for plan B
4hr - looks like it is...
Sell below 1.2741. Stop loss at 1.2764. Take profit at 1.2652.
Reason for the trading strategy (technically):
Price has finally started to drop nicely from our major resistance at 1.2741 (Bearish price action, horizontal resistance, Fibonacci extension) and we expect a further drop from this level to at least 1.2652 support (Fibonacci retracement, horizontal...
This is an update about my trading analysis linked below at the "Link to Related Ideas."
This is just a friendly reminder why no one should manually close trades! If I had my emotion taken the best out of me, I would have had closed the trades when I saw it an inch close to my Stop Loss. If I had, I would have had a loss now. Since I did not, I have still both...
Tested the highlighted resistance 3 times, now broke down. Good probability short. Enter however suits you.
Comment what you think will happen. This is just my opinion on things.
There are many reasons-
1) Bearish butterfly in daily
2) 2hr Stoch RSI Over Bought
3) 2hr MACD hidden bearish divergence.
4) 2hr uptrend line break and re-test
For several days, this EURUSD Forex pair has been trading in these levels. However, following the increase of rate despite the bad US economical data, the US Dollar has been given a boost to the upside.
If you look at the 4-hour bars, it is clear that the bears are now in control... after some retracements, of course. In addition to this, the daily timeframe...
Buy above 1.2633. Stop loss at 1.2483. Take profit at 1.2886.
Reason for the trading strategy (technically):
Price continues to bounce up nicely from our buying area. We remain bullish above 1.2633 (Fibonacci retracement, Fibonacci extension, horizontal pullback support, bullish divergence) and we expect a further rise above this level to at least 1.2886...
Great Britain Pound vs United States Dollar? More likely Theresa May vs Janet Yellen!
From yesterday's session, we've seen the United States Dollar decline due to the huge extensive disappointment with the USD's economical data. However, following Yellen's Hawkish stance, the Dollar was yet again saved by Yellen forming several pin bar and clouds both on daily...
