British Pound Daily AnalysisA potential Elliott wave pattern forming from the start of the Brexit crash in July, we can see the proper Elliott wave formation thus far, potentially entering the 5th wave down. Also a Head and Shoulders pattern further agrees with a 5th wave push down, where we can see a Fibonacci cluster zone around the 1.21 support zone which was set at the October flash crash.
M6B1! trade ideas
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.
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.
