Price broke bullish trend. Now is doing a pullback till that trend. We can expect to bearish to the next supports. In addition, MA50 has broken MA200, wich alerts for a probably falling.
GBP/USD short
1H momentum down
RSI hitting 80 level
MA200 Rejection pin bar
Strong support/resistance level pin bar
Daily Pivot R1 rejection
Trend line rejection
ABCD pattern
Forming lower lows / lower highs
50% Fib retracement from strong bear sell off
61.8% Fib retracement from following sell off
Enter 1:1 risk reward.
H&M has been up 9,61% in average ten days after a low point far away from the ma200. The 9,61% upside target lays also at the 50% gap line which makes it a reliable target. MACD and Stochastics is also indicating on a upside.
Happy trading!
On the daily time frame, price has been rejected at the PRZ of two larger harmonic bullish patterns (Bat + Gartley). The rejection was swift with a 5 wave bullish impulse, followed by a triangle correction and another small impulse to complete a 3 wave pattern (labeled here as (A) of a possible zig-zag correction). Now we are nearing the completion of a bullish...
SUNE is nearing the completion of a bearish cypher pattern after breaking the bullish Wolfe wave confirmation line and retesting. This presents an opportunity to place a long position. The next pattern to look for if this is filled and completed is the bearish Gartley pattern. Depending on price action, I may be taking both of these trades. I will update the...
