Hi, this is Monday. I sincerely hope everyone has had a lovely weekend. What you see on my chart is nothing but the simple ABCD pattern. That's is all i trade. So basically you can say that i am a Fibonacci trader. This pattern is spotted on the monthly timeframe and i found an entry on the daily. As i took this trade on mt4 i went further into the 1H and 4H...
As on the daily TF, the overall trend indicates downwards. The setup comes with few confluences in my eyes,
1. Trnedline BO strong and Retest the trendline back with showing momentum of price in the short direction.
2. EMA-21, 50 crossover ensures
3. A head and shoulder pattern formed.
Let see how this pair performs.
I expect price to to back to the PFH(peak formation high) so all trades must be closed there
🔺 Disclaimer! The content of this analysis is subject to change at any time without notice
🔺 It is provided for the sole purpose of assisting traders to make independent investment decisions.
🔺 You must do your own research to create your own trading plan for the market.
GBPNOK market has failed to make a higher high on the daily and has now formed this head and shoulders pattern at weekly resistance, we are waiting to see a bearish impulse breaking and closing below this strong level of support then we will be waiting during the correction on the 4hr timeframe for market to first go and retest previous support which will then be...
On the daily timeframe market has formed a W formation, after a W you can expect the patternt to complete at the neckline as it does most of the time giving us a downside target... on the lower timeframes at the moment market is still bullish forming higher highs and higher lows. We are waiting for a break of trend and new bearish structure to form then we can...
-The content of this analysis is subject to change at any time without notice
-It is provided for the sole purpose of assisting traders to make independent investment decisions
-You must do your own research to create your own trading plan for the market
GBPNOK on the 4 h chart After breaking the minor descending channel, broke above the resistance and currently retesting it.
According to Plancton's strategy, if the conditions will be satisfied, we can set a nice long order.
Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure ->...
GBPNOK we are bullish. On the monthly market is at strong demand a zone that has been respected as support a number of times, on the weekly market has recently made a new higher high, on the daily market has broke out of the downtrend after forming this inverted head and shoulders which we have already capitalised on, now the market has given us a nice correction...
GBPNOK we have a nice W formation on the daily timeframe, market has recently broke the downtrend with a strong bullish impulse and formed a inverted head and shoulders breaking above the neckline, we expect the W formation to complete at the neckline, and we are expecting a correction after the impulse we have had for market to test broken resistance as new...