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.
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.
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)
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