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 .
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. trade safe
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 !