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GBPPLN is trading on a rigid 1D Channel Up (RSI = 56.437, MACD = 0.018, B/BP = 0.0207) and has recently priced a Higher Low (Highs/Lows = 0.000). Technically the price should aim at a Higher High near 5.000. Long, TP = 4.95100.
GBPPLN is on a continuous rejection sequence on the 1D Resistance and given the neutral RSI = 55.898, Highs/Lows = 0, we expect a bearish reversal. Our TP is 4.74030.
Lets see what happens
Standard Channel Up on 1D (RSI = 60.481, Highs/Lows = 0.0701). The Higher High is near 5.0400 but we will take a less aggressive (in accordance with the low MACD = 0.024, B/BP = 0.0699) long with TP = 5.000.
Will be open at 4,8575 ...TP at 4,8383
Not going to bore you with lines and patterns. GBPPLN is going to be bearish on Monday 7th May 2018. Thank me when it does. Very unlikely chance it doesn't you get an easy haha moment. I will be bearish following the Daily Chart on this instrument.
The 5 and 50 is your friend.
SL: 4.84614 (Enough room to allow a test of previous high which is very unlikely)
wait for pullback or flag
GBPPLN Buy Idea @Weekly Demand Zone (4.7300 - 4.6760)
Buy Limit: 4.7284
Stop Loss: 4.6579
Take Profit: 4.8092
GBPPLN strong weekly demand level around 4.65 in control, pretty decent move away created the imbalance. Longs at new daily demand zones.
Double bottom in GBPPLN
Forex exotic GBPPLN is rallying on the weekly and creating new demand zones for potential longs. In an uptrend supply imbalances are removed and demand levels and zones are respected. Very strong impulse creating a good looking weekly demand level around 4.65 price area on GBPPLN Long bias!
Intersection is when price is on 2 or more signal/set up that points out to the same direction.
In this example:
1. Price broke the trend line resistance and retested it as a trend line support. (Buy signal)
2. Price is at horizontal support (Buy signal)
Price broke the trend line resistance then retest. And currently it is around the trend line support and horizontal support (intersection).
It is also within 50% Fib and 61.8% Fib.
We also have a pin bar
buy the breakout do,'t miss it
entry valid through sep. 14
Current structure shows signs of reversal, Recent price action i consider as correction fom last impulse to upside marked as magneta arrow on chart.
MACD indicator shows signs of divergance on daily timeframe.
We are at the bottom of ascending channel started on beginning of 2010 year.
All abowe leads me to conclusion we will have e a nice rally in coming weeks ...