Been A while since my last public post.
GBPUSD is looking to run higher after stalling out at a key support level.
Daily on the right, H4 on the left.
An easy lond play.
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This pair has put a valid engulfing on the Daily & H4. Looking for the mentioned highs to be taken out. A 78.6 retracement fib lines up also at the engulfing low levels.
We will see how this one goes.
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Large TL break to the upside providing the long bias.
Price has now put in place a nice retest of the H1 support.
The golden mean 61.8 Fibonacci lines up with this level.
The 127.2 extension of the move lines up with the structure highs.
Fore more..IG @UBTFX
Looking for the lows to be met after the trendline has given way to the downside setting up the whole move.
2 bearish engulfings off the 78.6 retracement on the H4 and H2 timeframe.
Looking for the 161.8 extension which lines up nicely with the trendline structure lows.
Weekly - Lower low, lower close, Price is looking to head lower and find the next key support level.
Daily - Price has come up to retest the key daily res at 1.5630 and closed with a long wick indicating rejection from this level.
H4 Entry - Morning star reversal pattern off the 61.8 fib and daily resistance. Looking for the 127.2 as extension targets which are...
Weekly - Price came down and closed conveniently above key support forming a bullish pinbar indicating rejection of lower levels.
Daily - Clear resistance is above and price is drawn to these levels.
H1 Entry - Bullish engulfings on the H4 by green arrows, a CTL has broken showing nothing else holding price down. 129.600..only a matter of time.
Weekly - Key support is holding, the market has had trouble closing below this level for a few weeks.
Daily - A bullish engulfing candle at support shortly follow by a pinbar suggesting the market is rejecting lower levels.
H4 entry, Bullish engulfing off a 61.8 fib retracement is suggesting higher highs will be met.
Targets - These are at weekly...
- A 61.8 retracement of the previous swing down
- The upper band of the channel has been tested, expect the lower end to be hit
- A counter trendline has given way to the downside
- An extension of the move will provide an area for targets along with previous structure
Reasons for getting long this pair:
-A trendline break and a retest of the trendline.
-50% retracement which also comes to a round number of 74.00
-Higher Lows indicated by the yellow circles
-A break of the retracement trendline initiating my long entry, targets are at the 127 extension.
The chart on the right is showing the whole setup of this move with a retracement trendline that has now given way to the upside.
- On the chart on the left, the lower time frame, we can see that price has broken this trendline, come back to retest it with a 61.8 retracement of the initial breakout thrust with long wicks indicating buyers were protecting the 0.84...