Seen in the 4h chart, we have been in a strict channel since August of 2015 (Purple Lines) in this pair with only one false breakout in Feb. which starts our descending wedge pattern (Blue Lines). "I think" this is leaving price action with little place else to go but up. We are 2/3rd s of the way through our descending wedge and have 4 of 5 points completed to a...
The Blue square Represents the consolidation we have been in since January. I see a head and shoulders, tell me if I'm wrong. I would trade it if the Structure resistance was lower. Inverted risk reward ratio here so I'm not going to trade it, but I am watching it to see how it plays out.
"BREXIT" This is what fear & uncertainty looks like on a chart.
With coming news of The United Kingdoms exit from the European Union we are seeing increased volatility. Bears are starting to gain strength and bulls are not risking more than they already have due to The uncertainty associated with the effect of the Brexit. (shown here in the red triangle)
Since...
The overall trend has been in a bearish channel since November 2015. Price action has put in a new Low and has ascended close to the top of the channel, putting in a Triple top near previous resistance levels at a 61.8 retracement with bearish divergence in the RSI. I expect to see another bearish movement down into at least a 127 extension.
I have identified a...
