About me CurrencyClouds™ teaches potential and current traders about analyzing and trading currency markets via the Clouds. The Cloud; translated from the Japanese word "Kumo" is a indicator derived from the not so ancient Ichimoku Kinko Hyo (Ichimoku.) Translat
GBP has rallied but is stalling on 4hr at the 38.2 fib line, not much confluence other than reversal candle and the FIB line. Looking price to maybe move back to daily support of 1.2301 but time will tell
Will take the short on the close of the candle
In the next few days this maybe a possible resistance point for the AUDJPY. No definite answer due to the news heavy week, but watching levels around this point of 79.60 - 79.80 give or take a few pips.
Added to positions+
Factors. Doji test of 50ma. 3 days supported price off 50 & 200ma. Target at Key daily support of 1.1350 as ideal target. Looking for clean, low risk opportunity to break accumulation
Factors: Reversal candle off of downward trendline from May. Low risk. Following price action. Market pattern shows a continuation pattern to the upside. Will wait for price action confirm.
In the mean time 1 more bounce down could be possible. Trades are taken on price action not "what I think"
IP Reversal bounce off of Key Weekly Support line of 1.77000 and Monthly S1. Trailing by 2 candles (instead of 1) risking 1%). Price must move past 1.78400 daily resistance to reach key line of 1.82200 (profit target). Orders place, no market entry