PontusTrader

PontusTrader

Short of a NK scenario to overwhelm these technicals, we have this nice trade coming up - that is, a pullback to retest the thick red line for supply, then continued drop.

PontusTrader

We have some heavy resistance coming up on the GBPUSD. Biggest one is the dotted red line - clear as day, this is a major pivot point. Then we have the remaining 3 lines - comes up to 4 resistance items confluencing at once into the red box. The bullish case is the quintuple hourly dojis with long bottom wicks. I am in from 1.1316 with 2 lots. 15 min Closer up view.

PontusTrader

Strong break out but price coming too aggressively into lower resistance of former long term channel support. 8:30 numbers will probably be bad, UC was raised up prioor to news to have where to drop it from.

PontusTrader

Support relief, will have to see if it turns out into anything.

PontusTrader

This is now my main priority - to enter a nice short inside the red rectangle. Price will meet very heavy resistance in this area of around ~1.19. Should a successful breakout occur, then look to the channel support to act as resistance.

PontusTrader

Watch out for exhaustion on the top of the channel - time it with bollinger bands on 4hr + daily. Expect a blow off top to possibly shoot over the upper trendline.

PontusTrader

Price moving back to channel, could get some support.

PontusTrader

Two daily frame red resistance lines inside of rising wedge inside weekly+monthly downtrend.

PontusTrader

Price is flirting with that support, triangle is running out of room for a price resolution/direction to be picked. Expecting a big sell on break down of major support. Am bearish in my thinking. 1 HR Of course, 1HR looking bullish, no point shorting now better to wait until price retraces up to resistance either descending red line or upper channel line.

PontusTrader

Going to take this one I think with a mini lot, want to see how it plays out but I think odds are continuation of trend. We had ascending wedge fail.

PontusTrader

Here is what I'm looking at. I think its worth a risk if price can get up here! 4H timeframe.

PontusTrader

On the red down arrow. We have double confluence of resistance, and the only bullish case is breaking up out of the wedge... even if it does break out, it will breakout right into heavy resistance.

PontusTrader

Pretty significant price structure ranging back years is about to play out very soon. Daily

PontusTrader

Don't see a scenario for an upwards breakout, so short or neutral here. I am short EU 2 lots at this time, so down EU is good for me!

PontusTrader

Channel is respected, we have a very aggressive move off the GU bottom and are currently in a retracement to let off some steam. Price reversed at 2008 bottom. Monthly Chart Forgot to add the second major resistance which is the descending resistnace line. So that was two strong bearish confluences at work taking down price. News was used as backstory for...

PontusTrader

I believe this to be an area where price will find good support. Reasoning is the support line and the resistance of the triangle acting as support now. Just an idea that I want to have a record of to see how it plays out, not taking a position.

PontusTrader

This is what I see for now. Long again on break of descending triangle with two profit cover targets where price momentum will take a breather / stall out and bears will step in / buyers will take profits. A break below triangle is bad news for EU meaning continuation of trend and selling, looking for exhaustion after that to risk going long again,

PontusTrader

Looking to go short on the break of this last support line