Brotec02

Brotec02

After breaking the support, the Pound is now heading south. Looking at the 4H and Daily Chart, the current candlestick pattern suggest it is now ready to go down. You can trade on the neckline resistance or if there is a possibility of double top. If you are risk taker, you can activate the sell trade now. In addition, I was looking at the previous structure of...

Brotec02

Next 8hours or so might have a sudden intervention.

Brotec02 Updated 

As British pound found a strong support at 1.36 level creating a double bottom, followed by two bullish engulfing candles. It is now ready to retest a new high, with two trades expected to come up. Buy at the support 1.38 with target at 1.43 level. Sell at the resistance 1.43 with target at 1.38. Once completed, it will start the higher high moves coming into the...

Brotec02

GBP_USD: Pound has lacked steam going up, so we are looking a closing candle to finish the structure on a Daily Chart and a confirmation of move further down. However the structure in suggest that pound could still head the summit with a triple bottom idea which is not a bad idea. Unless if you have a another idea, everyone is welcome.

Brotec02 Updated 

GBP is going towards the retest of the previous high at 1.42. But the real test of resistance is at 1.43. Chart structure suggest, GBP_USD have the same structure of EUR_USD in the past as part of my back testing. (see comparison) Don't miss the multiple trades in the coming day and weeks.

Brotec02

With GBP still bullish and it is pounding its way up. I could see a potential cypher pattern in the making for the pair. With this pattern we could see a reversal pattern that will form a leg 4. What do you think?

Brotec02

Euro found a good support at 1.21 level and now ready to continue to move higher with next targets at 1.234 (previous high) and 1.245 (new highs).

Brotec02 Updated 

GBP had breakout of the structure and retesting the resistance and now a support with targets is to move higher.

Brotec02

USD_CAD: Dollar could still hold at 1.208 on a weekly support level with target at 1.250. This could form as leg 4 of the wave before moving towards the leg 5.

Brotec02 Updated 

Bullish pound moving higher highs.

Brotec02

Just an analysis for you to think about, that the bulls are ready to go long.

Brotec02 Updated 

GBP_USD, if my analysis is correct, if the daily candle shows a bullish pin bar towards 1.28, then the next action will be strong sell at the top with target profit at 1.2468 level based on fib retracement between 0.5 and 0.6.

Brotec02 Updated 

Strong resistance will dump and sell the pound, with the formation of M is now on the way. Setup the sell-limit at the resistance level, with 3.8 risk reward ratio, just be careful of setting the stop loss otherwise no stop loss. WIth targets between 0.5 and 0.6 fib retracement creating the B leg of the prospect ABC or ABCE pattern.

Brotec02 Updated 

Long term buy however found a short term sell opportunity. Retest the resistance for a short dip down toward 618 fib retracement.

Brotec02

Change of Trading Strategy. Structure suggest that the pound is to go for a break-out. A number of patterns can be seen on a 4H and Daily Chart. 1. Bullish Flag Pattern 2. Head & Shoulder Pattern 3. ABC pattern

Brotec02 Updated 

With major resistance above, Sterling to move lower low.

Brotec02

Structure suggest, history repeat itself after the head & shoulder pattern, followed by a move higher high. DXY Dollar Index finally shows temporary dip down.

Brotec02

Back tested GBP_USD on a 2009 historical data. 1. 2009 Oct Data show a strong impulse move right after the pound crash. 2. 2020 Apr Data shows a similar strong impulse Here is comparison chart between current and previous chart patterns. Current level is on the middle of nowhere but could trigger trade set-up once it goes to the main resistance level. Two trades...