Just throwing this out there , but to complete a 5 wave down on the MONTHLY TIMEFRAME , we are looking at 819 before a solid abc correction. It will be interesting to see what happens at 1100 and below .... wont be going long just yet !!!
hi guys , long corrective downward structure is getting more shallow giving us a rounded bottom. Its like an ending diagonal. I think around 1.45 would give us a nice place to go long this market to begin a long term wave 3. Not yet but a heads up for the future. I dont think it will retest the low below 1.40 , but well see. trade safe .
part of a corrective structure , sell with profit target at 9300, stop above 94728. Decent R2R. break above the pink trend line would negate for now but this market is gong down. the daily trendline has be broken so let it make a flag and sell.
After a quick retracemant to fib level , this is ready for getting short again. Im in the trade and will take some profit at the fib trendline cross and move my stop to break even , letting the remainder ride . See chart markings . If this continues to the downside over the next 2 days i will look for a retracement to add to my postion.
This has broken the neckline on smaller timeframe and could give us a nice buy , i think i will wait until the neckline is retested before buying. These patterns can and do fail so trade with care . the trendline above price is the daily so a retest of that would be very nice.
So Here we have a nice Head and Shoulders on the daily timeframe. Price has tried to pierce the neckline but has been beaten back . So we have 2 possible outcomes . 1 To hold above the neckline and make a strong impulse to the upside , or to fall below the first daily trendline and sell off to 2nd trendline. One way or the other it will blow , our job as traders...
Cable been smashed in prvious weeks and has made a solid recovery. The UK economy is strong and in my opinion the pound is very much undervalued. Obviously we have NFP to consider today , so a pullback to the trendline would be great. If the NFP number is +200 to 280 , then its a fake out and all bets off. Happy trading, first post so be gentle !