Hi! Still a rookie on technical analysis, would like to some feedback on this.
From what I can assume is that there will be a short bullish retracement even though GBPUSD is on a long term bearish trend.
Any feedback or critics would be appreciated!
So I been watching and reading and demoing all kinds of platforms for roughly 2 years now. This year I got started with a few actual small trades and I've learned more from those few real trades than the entire 2 years educating myself with YouTube, chat groups, talking to friends etc... so today I thought, screw it, just post ur ideas and see if I learn something...
An update to my previous rookie analysis
As I read the chart before I saw there to be a large shorting opportunity but as time has moved forward so must the analysis and as I see now it’s has a nice head and shoulders pattern so very soon we should see the longing opportunity.
Please always double check my analysis as I am new to this and please give me any advice...
Watching the level of support, now resistance is quite obvious to me as well as the Fibonacci retracement shows it should come back up just past .5 so like nick(the man) says to be reactive and not predictive. Always double check anyones ideas to be sure you agree in said probabilities for a potential move on the pair. Be sure to compare monthly, weekly and daily...
I see a very strong trend with great possibilities of going for the long
Always look yourself but it seems like this is with the most likely of prosperous choices
But for real though I see it’s going to pop back down and test that support spot but not before some normal level of the Fibonacci like .618 or .5 or maybe but I feel is not likely is hitting the .382
Be reactive traders! Never predictive! Your not a fortune teller because if you were you wouldn’t be reading this lol
So looking at the monthly time frame this pair is looking quite bullish but please double check of course for yourself. What I see is that with the Fibonacci retracement you can see it corrected it’s last upward impulse right between .5 and .382 and is pushing back up so like I said seems bullish.
Looking at the weekly it’s showing the same thing as it’s on the...
Just watching the levels of support and seeing that we are about to see it move up after a small correction but only buying in once a buy setup comes available… any advice please tell me
Off the basis of the levels of support and resistance in the past I feel these are the two out comes possible… as I always say like many others, Remember to be reactive and not predictive. So wait for the setups :)
