We caught some good pips on GBPCAD with the recent move down and now we are looking to catch more on a retrace to the resistance zone above. Should the descending trend line shown here hold, sellers can take the pair lower again.
We have a bearish bias on GBPCAD and the pair is currently trading inside a rising wedge. Sellers can either sell before the break of the wedge with stop losses above 1.75 and targeting 1.695 initially, or wait for the break and retest if taking a more cautious approach.
Our GBPAUD trade setup hit target and came back up towards our previous entry point. Closing half the position at the previous target level would be a good idea to secure profits if momentum doesn't build up. See related ideas below for the previous trade.
GBPAUD has broken down from an ascending trend line. Risk adverse sellers should wait for price to retest the resistance zone above. 1.84 would be the first target.
112.500 Is a strong resistance and we may see a rejection at this level as we are meeting a long daily descending trend line.
GBPUSD recently broke out of a downtrend and is pulling back towards a significant support level at 1.3. If price bounces from this zone we should see the pair head towards the 1.32 level, which should pose strong resistance to the bulls.
We are waiting for a breakout in either direction on the EURCHF pair before taking a position. A break above the current zone should see the bulls testing the recent high and then 1.15. Whereas a break below the current zone and the 50MA should see the pair drop to 1.135 and below.
A pullback towards the descending trend line and the 1.13 resistance point should present a good selling opportunity on GBPUSD A break above will indicate a reverse of trend.
I have a pending sell order at the bottom of the highlighted zone. If price breaks above, I will look for opportunities to buy.
I've included support and resistance lines in the chart
Here is my long entry with TP and SL included. Close to support and within current bullish structure.
We are breaking under the sell zone in a descending channel.
As the image suggests, we enter this trade when the price moves below our entry point. If price breaks above the channel, we cancel our order and look for another opportunity near the above resistance marked on the chart as a white horizontal line.
Bears are looking to pull GBPAUD into the orange box area. Some nice pips to be made here. Be sure to always keep an eye on the price action on smaller time frames (30, 15) to ensure the market doesn't go against you whilst unprepared to adapt your plan.
The orange line is our first target. If this support breaks, we will look for another short entry.
Hello all. New theme. Hope you like it. I entered short when price broke into the envelope from above. And I am adding a short if it breaks out of it here. --The envelope is the grey wave area, with blue at the bottom and red at the top-- The orange line is the next support and our target.
Hopefully most of you took advantage of the bear run yesterday and this morning. Or at the very least managed to close your longs at on Monday when the bulls ran out of steam (see related idea linked below) This is a simple set up. We wait for the price to break out of the short term (green) structure, then we buy. This break should match up with the structure in...