British pound - Buy setupHere we see an impulsive move up to start the week, followed by a pullback to the 61.8 Fibonacci level. Watching to see if price respects the blue trendline and continues a move higher. Also watching the red zones which are previous resistance + Fibonacci extension areas for potential take profit targets.
M6B1! trade ideas
British Pound analysis - SellHere we see a few sell signals including:
- Head and shoulders forming, waiting for break of trend line
- price falling below the 13 and 21 EMA
- Fibonacci clusters/target zones at:
1.225
1.213
1.203
- Recent breakout of USD
Additionally, the bearish reaction to the better than expected retail sales release during this mornings London session, may indicate the overall bearish tone of traders on the currency.
British Pound hourly analysisHere we see price moving off of a larger time frame trend support line which is also a 78.6 Fibonacci retracement. If price breaks the green dash trend line, after a retest look to go long, if it fails to make a higher high and continues down, watch for a retest of the larger timeframe trendline or break for a longer term potential break down.
M6B1! 8/7/16 4hrThis is the futures of GBPUSD, so price is different then spot.
We are coming into a great short-term buy.
British Pound testing support (monthly chart)British Pound testing support (monthly chart). If support holds bull trend ahead. Monitor.
GBPJPY: Potential ending diagonal C at resistanceWe have a potential short setup in the Pound/Yen, where a time at mode uptrend might fail against resistance.
Price also appears to be completing a rising wedge, so if indeed valid, the move down will be very sharp and lead to a retest of the lows in 1/3 of the time that it took for it to go up.
I've used the futures symbols as a ratio to give me an indication of volume activity.
The volume profile is a very handy tool to spot support and resistance levels, and have a good grasp of the underlying accumulation and distribution patterns on chart, if you know how to read it.
You'd need a pro plus account here, but I think it's 100% worth it.
Feel free to stop by the "Key Hidden Levels" chatroom here to discuss this and other instrument ideas with Tim West, the mastermind behind the core of my technical repertoire, and also a great person, trader and mentor.
I'll cover this and a host of techniques over at my trading room skype group, and also via one on one skype lessons for people that are interested. The group membership includes free signals for auto trading as well.
Contact me for further details.
Cheers,
Ivan Labrie
Time at Mode FX
GBPUSD showing strength inside an uptrend channelThe chart tells a story and the story unfolds bar by bar.
The weakness on the previous analysis (see link below) was not confirmed, the market failed to close lower on the next weekly bar.
British pound - Very close to a reversalThis time I will use the futures contract, in order to see the volume. I have worked with LazyBear over the weekend on a new tool, and I want to thank him for his amazing work!
Looking at the weekly chart, there are strong hints that a reversal is coming. The Force Index, tuned with some Keltner Channels (which took a lot of work) tracks the reversals. The oversold condition, combined with climactic action from the Weis Wave, combined with extreme deviation from value provides reason for going long.https://www.tradingview.com/x/yEFSDCqy/
Moving to the daily chart, the picture is simply fantastic. There is a massive bullish divergence on all momentum indicators.
The activity on the Weis Wave is as high as it gets. Very high waves, with lack of progress to the downside. Down Waves are larger than up waves, which signals that there is no reward for all the selling.
Going over the last 4 volume bars on the chart, that is 29.10.2014 - 03.11.2014, the first candle is bearish, with a high range, with volume higher than the previous days. However, the later 3 candles are bullish, and the volume on them is even higher than the strong down day. Is professional money buying or selling?? Probably buying! This is a new technique that I'm learning, so take all this with a pinch of salt. Reading volume is much harder than people believe.
