Setup: Price first retest the structure 1.2950 & formed a doji. Chances are price will drop first before break this structure.
However, trend is currently bullish, selling is quite risky. Use lower lot size for this trade.
Setup: Structure Retest
Sell Limit @ 1.2970; SL @ 1.3020; TP @ 1.2850
I opened short position on 1.2866 and it SL is 1.2886 - 20pips. Short stop and good volume can be used.
TP - 1.2710. Far target but interesting. So RiskRewardRatio very good - 8.65 but i think that it is not achieved simply. Lets try catch profit :)
Price seems to have respected the downtrend channel by forming a bearish engulfing candle illustrated in orange.
Price could make yet another long drop toward the support trendline of the channel.
Best of luck!
So, we have a standard Head and Shoulders pattern, and we are currently at the Right Shoulder, "almost" at the end of the pattern.
Price is currently inside a Box Area, containing many Supports and Resistances from a while ago.
In the RSI , at the current moment, price may be confirming a Trend-Line, right after a Bearish Divergence.
A Bearish Divergence is...
Target 1 hit - channel break measured move
Target 2 - next key price level
Target 3 - measured move from previous range break - coincides with 0.236 fibonacci retracement
Wait for break below 0.382 - supported on lower time frames
Supported fundamental analysis - rising dollar
This pair needs more time to correct, watch price action at the top of the continuation pattern. I need to at least see overbought conditions on RSI. I will manage to sell as much high as possible.
It looks like price has found a top. We have the impulse and now price is forming trend continuation pattern. We aslo have nice divergence on macd, perfect short setup beeing form. I'm looking for sell as much high as possible.
The long range Weekly TF looks ever more BEARISH for the GBP. The TDI sees the RSI crossing south over the upper volatility band and the signal line. From here a move back to the market line looks inevitable and this means this pair (and all GBP pairs) are likely to be headed lower. The DTF seems to confirm the BEARISH picture with price over 200 pips off recent...