I don't usually trade Elliott Wave but this setup jumped off the chart and slapped me in the face while looking for reasons to go long GBPUSD.
15th August saw the beginning of the 1st wave with a double bottom at post-Brexit lows.
To kick off leg 2, on Thursday 1st Septmeber UK PMI Manufacturing came out at 53.3, above the projected 49 and far exceeding July's...
I closed 2 short positions and I still have 1 left. When price reaches this area, it's time to make a decision to buy or sell more.
Follow your trading and money management rules please.
Share your thoughts, ideas and feel free to ask questions.
One can reasonably expect the Sterling to mean-revert over the course of the next 18-24m as Brexit fears prove to be a furphy. I expect the distribution to remain the same post-Brexit.
One of two things will happen to GBPUSD:
1. GBPUSD will find resistance at around 1.31030/1.30821(highlighted area) and maintain bullish momentum until it breaks the counter-trendline. Anything after the trendline break is history.
2. GBPUSD will break below 1.31030/1.30821(highlighted area) and maintain bearish momentum until it reaches the 1.28669/1.28491...
La tendencia general como es sabido es alcista, el movimiento bajista que termino en un retroceso del 50% con niveles altos de sobreventa en RSI , haria que se retomen posiciones alcistas en la libra dolar, por otra parte si lo visualizan bien existe un patron Hombro cabeza Hombro alcista, en cuyo caso el movimiento bajista del dia viernes seria el "pullback" de...
Happy weekend traders!
Sterling slump after BOE easing monetary measures which sent the market down more than 200 pips followed by some positive job numbers yesterday with NFP adding fuel to the fire.
Technical see resistance level at 1.3050-60 zone where as long as market holding below this zone more drop will be expected toward 1.2900 levels
Above 1.3210...
GBPUSD has been in a +80 pips range for the past 4 days or so, and is likely to breakout of this range anytime soon. The MACD and the RSI are favoring a bullish breakout since they are both showing clear signs of positive divergence. On a much bigger scale, GBPUSD formed a falling wedge from the July highs at 1.34768. A bullish breakout of the range will result in...
Daily -
We can clearly see a descending broadening wedge, which makes this pair Bullish in long term, however I would like to see this pair hit the bottom of the wedge before it heads up, if we do break the blue trend line, its a safe to say to sell after a small consolidation, if we don't then we shall continue heading up.
4hr -
The 4hr time frame also shows a...
I was looking for structure to break and hold through the New York session but USD bulls lost the battle. The retest of the weeks high shows the market pricing in the fed meeting so I look forward to another test of the weeks lows before a leg up to test the month of July highs. In a perfect world the pattern completions would trade along with the Fed meeting.
We wish that our analysis could be helpful on your trades. Here is an update for GBP/USD, envisage for PRICE BREAKOUT. It would be a great idea to Buy on 1.32444 and place your TARGET at 1.32744
Hey Traders, I'd really like to know what any Faders think about about this chart.
July 2016: Lowest Low Recorded Ever.
What do you think is next based on your experience and expertise. All opinions are welcome!
