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)
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GBPPLN strong weekly demand level around 4.65 in control, pretty decent move away created the imbalance. Longs at new daily demand zones.
www.set-and-forget.com
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)
The GBPPLN isn't always clean price action , none the less there is an area of resistance. I'm expecting rejection again of this level and price to move downward to create a double bottom and a "W" pattern. Price will then break the resistance level and I will look to bid on the retest.
If it fail to make the "W" then I still expect a clean push through the level...
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
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...
Chikou span is above price and cloud + price is above cloud + kijun sen's angle is at 45 degrees + bullish kumo twist. Alternatively, you may enter when price retraces to kijun sen.
This is long term setup and I assume will take few months to hit target.
We have a inv head and shoulders in development and 2618 setup therefore I expect trend reversal.
Peak for right shoulder is almost reached and 5.09000 - 5.12000 is good level to enter.
We have also form of falling wedge in right shoulder which is good indication of upcomig up...
