This setup is very similar to EURUSD. Nevertheless, GBPUSD seems more 'price-action friendly' than the Euro cross.
The dollar correction has a daily target. If you zoom out the chart you shall see.
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*For now on I'll reveal the money management of my trades. There are two major targets: the first one is at least double of the target two (the...
Building a case for entry is the name of the game and this is looking like a great opportunity to get long on the pound against the Euro. At the nice round number of 13900 we have a simple ABCD completion which also happens to coincide with the C-D leg of a deep Gartley pattern completion.
GBPUSD is trading close to the 1st standard deviation from weekly (120-h) mean, but it has no slope.
Volatility is not expanding (measured by 3.2 standard deviations from weekly mean) and is also flat.
Thus there is not enough slope/expansion to show probability of trend - the Cable is likely to revert to the mean.
Traders can pick shorts at or close to the...
I am suggesting a trading opportunity for the GBP vs USD. Today we had major news with the USD which affected the price. Price had been sitting inside of a range or a bullish channel before the news this morning. The news event took the price outside of the range channel which is located at 1.56897 top of range and 1.54905 at the bottom of the range. We had a very...
This is a follow up and an expansion on our GBPUSD chart posted last week (see link to related ideas below).
The recent rejection of $1.5660/1.5700 has resulted in a loss of the uptrend from the July 8, 9, and 24 lows. In context of the potential longer-term pattern - a bearish rising wedge that commenced with the break in price on July 7 and subsequent...
I apologize for the disorganized appearance of this chart. The Red lines indicate times when the price reacted to the Fib Speed Resistance Arc. This blue line Represents a mirrored version of price action from mid 2004 to mid 2010. Due to its reactions to the fib levels in the recent past and the 10 year resistance level it is likely that GBPCAD does not have the...
Talking Points:
GBPUSD Technical Strategy : Bullish
Support: 1.5475, 1,5357, 1.5250
Resistance: 1.5635, 1.5675, 1.5780
GBPUSD had a beating from BOE, but we still believe there is one pending leg up before it’s turn bearish. Currently pair broken bullish daily trendline but supported by bearish weekly trendline. We are expecting range trading between...
Employment in the US private sector disappointed last month, shattering hopes that the Fed will raise interest rates in September. The number of employees increased by 185,000 in July compared to the 229,000 booked in June, according to ADP. On Friday, the non-farm payroll report will provide further hints of labor market development, with analysts expecting a...
Confluences:
1/ trend
2/ PA ( high test followed by inside bar )
3/ Monthly & Weekly resistance of 0.7060
4/ 50% fib retracement
additional info:
* H&S - pattern on intradays
* a lot of traders are already short since the 0.7135 resistance test
GBP has recently broke down inside the 1st st deviation from weekly (120-hour) mean.
There is high chance of price tagging the mean now amid compressing volatility.
Traders can catch up with it by shorting (preferably closer to the 1st st deviation @ 1.5635) in view of price falling to its weekly (120-hour) mean @ 1.5595
However traders willing to jump into...
We are seeing quite the textbook falling wedge pattern here. As selling pressure exhausts we can expect to see a rally from the bulls. The optimal entry will be on a break of the trend line, with stops placed below the lowest low of the wedge. Expect to see a rally up to around the 1.56500 level, with a break above the 1.57000 we can look for secondary targets.
LOOKING FOR A BUYING OPPORTUNITY AT MY BUY ZONE WHICH IS IN CONFLUENCE WITH A FIB LEVEL AND A 3RD TOUCH OF THE TREND LINE. A BREAK OF THIS BUY ZONE WILL LEAD DOWN TO MY NEXT BUY ZONE. FUNDAMENTALLY THIS TRADE IS ONLY GOING IN ONE DIRECTION IN THE LONG TERM BECAUSE THE BOE (BANK OF ENGLAND) STATED THAT THEY ARE CLOSER TO RAISING RATES WHICH IS EXPECTED TO BE THE...
The radar is light once again with only a few pairs (including yesterday’s NZDUSD idea) still in my sights, but this opportunity on GBPAUD looks like a pretty good potential. GBPAUD has driven straight up since…well early 2013 & although the momentum seems to be slowing down, there’s absolutely nothing on the charts as of yet that says we’re going to stop anytime...
Two potential patterns here on the Cable this morning. A potential bullish bat pattern in blue and a potential bullish cypher pattern in pink. Both should be tradable unless you’re using a massive stop loss for the bat pattern. In that case it’s best to choose one over the other beforehand so that you don’t get yourself into a potential revenge trading situation....
Confluences:
1/ Rejection of the 1.55 level = resistance
2/ Bounce of the 50 EMA
3/ retest of the back of the broken channel/ TL
4/ high test candle
Monitor the trade smart as we might have trouble with the 1.535 level
