This market has been overall bearish for a long time.
Following the confirmation break below the major support level of 0.9000 flat, one of the things that I will be looking for next week is a short opportunity.
Looking for a little pull back just enough to get a 1:1 RR.
Early doors but I will be keeping an eye out for this one.
Enjoy your weekend.
Decision point in the market where we could see a reversal in the bearish trend but until that is confirmed, we have a nice respected level of resistance which also happens to be forming a nice ascending channel.
We saw some bearish pressure on the close of the daily sessions yesterday across many markets.
The GBPUSD was no different.
Now we have completed a bearish flag set up with plenty of room for profit targets.
Flag pole extension or previous structure levels look good.
Approaching a major level of previous respected support.
Price action showing an Equal measured ABCD move at that level.
9250 psych number as well.
A larger ABCD equal measured move from the major high.
Also a 1.618 extension on the Fibs.
All the stars aligning.
Nice opportunity for structure-based traders.
Will update entry zone if/when we test that level....
Following my DT entry yesterday, we have since violated the initial test but have not been stopped out.
Now we are setting up for a high probability Ascending channel. As long as your stops have enough breathing room from the DT entry, you still have a great shot at snagging those profits.
Following the bearish structure-based trade I took at resistance, I am no longer interested in going short. However, there is a. nice breakout setup playing out on this pair right now. Waiting for a test of the low for optimum entries.
After forming. a bearish bias on this pair, I have been looking at entry possibilities.
We now have a retest setting up at the major level of structure for a continuation.
I am doing a full video on this too.
Good luck in the markets.
I entered my second position on BTC just below $45,000. I am holding with a bullish bias.
I have been asked to share some analysis recently and an update on my thoughts as to what the price is doing following some resistance at $60,000 and support at $48,000.
I have carried out some extensive testing on this instrument against other currencies and I have also...
This is a very familiar pattern in this market.
The original trade I took in November 2018 was this exact setup.
Now I am looking to buy another coin, I will be waiting for the highs to drop off and see a roll into the zone on this chart before getting in.
I will be doing a full video from start to finish on this.
Good luck guys
Been eye-balling this zone for a couple of weeks.
Now we have approached it, we have a decent sign of deceleration as we test the zone.
One of 3 I am looking at. The others are AUDUSD and GBPUSD
This pattern has approximately a 71% chance of retesting the previous highs.
However, the market first of all has around a 50/50 chance of pushing up or down. We either see a break to the upside or a small 20% rollover before then continuing up to re test the previous highs.
Two ways of trading this.
1) the breakout buy stop order above channel high
2) The roll...
After eyeballing this zone all of last week, we can now see that price has entered the support level we were looking at to potentially get involved.
We have seen an AB=CD completion at that level which adds a 19.5% higher probability to the play.
Lower time frame we have a nice retest of that level too.
Targets at previous structure giving us a 1.5:1 RR at worst...