We saw Cable break structure to the upside at the beginning of last week. Price retraced around 1.57800 due to previous resistance and we are now back at the prior structure level. I believe resistance will turn into support here and the price will retrace back up to the 1.57800 level. Of course price could break through the support level and break out of the...
If I had to pick one currency to have a long position in ATM, it would be GBP. The EUR is weak, the USD is seeing a much needed pullback, and despite uncertainty in the past couple of months leading up to the elections, the GBP is starting to look like a nice long trade. I think we might see a decent opportunity in the GBPUSD in the next couple of days. The...
*Position Update: As of 05/19/2015 @ 7:33 EST The Global Currency Scalper closed out both sides of this correlation trade with 112.2 Pips. The Trade: Long CAD/JPY & Short GBP/JPY The correlation between these two pairs is 77% over the past year. The widest the spread has got over that time is about 800 Pips. Currently these two pairs are 600 Pips apart. The...
The daily chart shows us a bearish engulfing candle, formed at this resistance line of 1.5780. So we might see a pullback into: - TL ( 3rd bounce ) - Fib level(s) 38% ( or 50% ) - Zone of support ( where last higher high was formed ) It is here, that we want to go long again and fulfill the fib play and follow the uptrend
The move off the lows here has been really strong, but after closer inspection it might be comprised of 3 waves. In any case, there's a time at mode target in the daily that has been exceeded, and time will expire soon. Watch that date for a reaction, and a possible retracement or reversal. It'll be key to sync the entry with a fundamental event, in order to have...
Here we see a developing Bat pattern in a triangle or wedge pattern. we know that wedges generally rally out at 3/4 of the triangle, be it up or down. So what we should expect to see happen here is that the market will rally down into previous structure around the 1.618 extension of the AB leg. when the market does so, it will complete the bat pattern...
*Position Update: As of 05/15/2015 @ 7:41 EST we liquidated both sides of this correlation trade with a profit of 28.6 Pips. The Trade: Long EUR/USD & Short GBP/USD The correlation between these two pairs is 96% over the past year. The widest the spread has got over that time is about 700 Pips. Over the past 18 months we saw the spread widen to approximately...
As we see the price is moving into an uptrend channel. Now it has reach its lowest level therefore i suggest if the price go over the level of 0.7223 our target should be the 0.5 fib level (0.7300)
GBPUSD is showing bearish 4 HR divergence and bearish 1 hr divergence. GU is a pair to keep an eye on for a medium term short. I am waiting until the price action goes below the 1.5600 recent high and back into the RSI channel. I am also looking for a break of the support line on DiNapoli.
If this trade takes it will present a very nice risk reward ratio... As shown on the chart there are two likely scenarios. One of which would be the pair finding resistance at its current level of 118.060 and selling off to previous support. The other would be a small additional rally all the way to the top of the resistance zone of around 118.500 where the sell...
The market is about to complete a crab pattern, upon completion in the potential reversal zone, the market should retrace back to the 1.618 fib of the BC leg. please like and comment and don,t forget to follow me. Good trading !
Most USD pairs weakness against USD has be very stretched have been appearing to either reverse trend or at least make noticeable retracement GBPUSD is not different. It is possible that the recent bottom formed in April could be significant one resulting in trend change or may be just an intermediate low. Also as it was severally oversold exasperated by...
In my previous GBPNZD chart I suggested a potential larger contracting triangle and associated long trade highlighted has developed really well the low. However the price action has now overshot the requirement for contracting triangle upper limits (see chart link below) Therefore, the contracting triangle is no longer valid, nevertheless in the longer term the...
We observe a bullish breakout on the trend line. So my plan is that if buyers could keep the price above the support area of 181.57/181.03, then their second try to go over the area of 184.983/184.446 would be successful. Therefore my target is the level of 187.766
AUD/GBP Tringle Breakout at bottom.....Long and Short posibily! After cutting the interest rate (RBA) on a new record low 2,00% (2,25% before) and a coming economic quarter forecast update a friday, so there could be a very nice move in the breakout direction! All eyes on the interesting support or resistance level!
GBP/JPY is looking like it wants to break to the downside. After consolidating for several hours it's forming a wedge of lower highs and higher lows. Odds are it will break to the downside. As to not jump the gun we will be shorting this pair with a break of 181.800, looking for a move of 80 - 120 pips with a stop of 120 - 130 Pips.
Background: Price found enough demand to halt its current downmove @1.46300 where the current minor rally broke the (red) supplyline indicating that demand outweight supply at this moment , the rally stopped near the current high @1.5552 which can bee seen as current resistance which needs to be overcome in order to speak for returning strenght to the market ,...
After the FOMC rate statement played down the poor data and nothing really changed I expect the USD to be some what neutral over the coming weeks strengthening and weakening against strong and weak currencies. After the poor GDP from the UK and the elections weighing heavily on the GBP at the moment I would expect a pull back to the 15000 betweennow and the 7th...