Price is approaching a very crucial zone. The 415-420 zone. If price comes down and holds we can look to see price potentially test 460, then 500 again. If you are long or are looking to get long keep that 500 level in mind. The last time price ran up that high it quickly rejected that level. Although we are in a much stronger and sustainable up trend. Conversely,...
Overall bias for GBPAUD is bearish
1.Numerous reasons
2.Firstly making lower lows
3.clear down trend
4.The pound is weak
5. Break of key level 2.0000
6.Break of strong trend line
7.Bearish candles
Wait for retest if you want a better entry :)
Happy trading
Overall bias is Bearish
-Firstly we have bounced of key level of 1.7000
-we have broke trend line based off 4 hour time frame
-We had a small retest
-I do believe we will break previous lows
-Previous four hour candle was a bearish hammer
-A lot of wicks to the upside
Off the daily
-We can see huge wicks to the upside on the Ket level
-Yesterdays candle...
GET READY FOR A DROP
-clear break of trend line
-re test of trend line
-Bearish engulfing of trend line to confirm strong area of RES
-Also confirms momentum
For analysis go to my other setup
CHF/JPY which is basically the exact same setup as they both correlate and
And both have the same reasoning behind them
Altho on this Pair we are bouncing of Strong key Level of 125.00 which is a even stronger confluence
my entry 125.45
Remember this trade is Risky simply because its counter trend
Reasons for
-Long term downTrend Which has been making Lower lows And Lower HIghs And i feel like weve made a new Low at a key area and are ready for a small reversal and correction before we see any more bearish movement
-We have hit two KEY trend lines and have shown support and looking like we are getting bullish momentum
-As we can see by previous candle we...
Reasons for
-Firstly on the four hour we are in a area of congestion and sideways
-We are making lower high
-we have bounced of major long term trend line on the four hour with a Bearish candle
-Previous candle was a doji
-Also we created a corrective structure to the upside and we have broken it
-So we are ready for the next impulse move to the downside
-Not...
Reasons for
-Firstly we have broken a strong trend line
-We have bounced off 0.5 FIB level numerous times and its held strong
-The previous 12 hours (3 candles) have been engulfed by this past candle
-This shows us momentum to the upside
-We made a new high and i believe we will test that high if not break that high and make a higher high
-We are also up...
Reasons for
-On the four hour we have been testing that upper trend line for some time now and price simply aint breaking it
-Also we are putting in Lower Highs A sign of change of trend and a reversal
-We also have broken our Wedge to the downside which confirms bearish momentum
-We have also Held at the 0.618 Fib levels numerous times from the highs high on...
Reasons for
-After huge move and break out of box range a week ago price has risen and become very bullish
-Therefore i believe it will continue to rise till 1.15000
-To confirm is bullish strength it has made higher highs
-And higher lows
-Creating a structure
-Also on the four hour we can see a long bearish wick to a downside which shows more buyers then...
Falling wedge with 6 hits (currently).
Looking for a 7th hit and will be watching closely for a breakout on the 8th. The length of this wedge suggest to me that there could be a strong breakout.
Reasons for
-As you can see we have Lower highs and lower lows
-This shows us a clear down trend on the daily Timeframe
-We have bounced from our key level at 2.00000 and have found some bullish momentum
-As you can see we also have our trend line underneath Price
-So essentially we are still up trending on the higher timeframes
-The past day put in a long...
Reasons for
-We have broken our 4 Hour trend line to the downside
-Therefore we have broken structure and i 100% believe that after the break we are headed down
-We are going to get a impulse wave and this is a strong setup
- after all the long term trend is bearish !
Yes weve had two small losses but we are going to make it back on this one ;)
Also this is...
-IM STILL BULLISH ON THIS PAIR AT THE MOMENT
-FIB 0.618 MAGIC RETRACEMENT IS THE AREA I WANT TO HOLD TO SECURE A LONG
-A B C D STRUCTURE HERE
-THE NARROW BLUE BOX YOU CAN SEE IS A KEY LEVEL HAVING BEEN STRONG RES NOW SUPPORT
-FIRST TARGET WILL BE WEEKLY RES 1.4760 IF THESE ARE HIT WILL TAKE PARTIAL PROFITS AND THE NEXT TARGET WILL BE FIB LEVELS.
-WE HAVE HIT A MAJOR MONTHLY SUPPORT LEVEL HERE
-PROVIDING WE HOLD SUPPORT THIS COULD BE THE OUTCOME..
-THIS IS A GREAT RISK TO REWARD TRADE
-FOR A REVERSAL OR EVEN JUST A RETRACEMENT 0.618 AREA
-STOPS AS SHOWN
-THE POSSIBLE "C" AREA IS A KEY LEVEL OF RESISTANCE SO
WE EITHER BUMP OUT HEADS ON IT THEN INTO SHORT TRADE
OR BREAK THROUGH.
-IF WE HIT RES AND TURN...
Reasons for
On the 4 Hour
-We have been bearish since the trend line putting in nice big bearish candles
-We have broken our counter trend line
-We also have nice long wicks on the upside
-This shows me there is more selling pressure
On the daily
-Firstly this is a long term trade
-We can see price is down trending on the lower time frames Always go with...
