Sell limit placed on upper channel retest, i expect a
bearish momentum until lower channel before resuming bullish.
TP1 IS SET AT 50% FIB RET
TP2 IS SET AT 23.60% FIB RET from last SL to SH.
Eager to see how this plays out!
The Symmetrical Bearish Triangle ( SBT ) formed on the 4H chart. Entry to the the sell is quite tricky because price may buy on testing the SBT lower channel before a breakout.. A breakout and retest of lower SBT channel will be a further confirmation of this short entry. Price may break TP at 0.87602 to lower channel trendline but i don't know for sure...
Price sold below the RWP (RISING WEDGE PATTERN) to 1.20952 before a pullback to retest lower channel trend line. A retest of the lower channel trend line is the trigger for a short entry which is bearish until the next logical support region. The first support region is at 1.20867-1.20789 and the second at 1.20269-1.20198 region on the chart.
GBPUSD hit channel trend swing lows region and has been bullish, price is close to the channel's uptrend line after testing resistance at .38658. i think price will go bearish until .38128 region and regained momentum to go bullish until the top trend channel @ .40450. .38658 was a previous strong resistance region but the bigger picture here is the long lasting...
Following simple ABCD pattern, price test and rejects upper channel trend line at level of coordinate d, price sells to prev support and retests upper trend, i think entry to this short position is a bit late but a few short pips would do.
If price breaks the upper trend and retests, imminent buy but resistance is held at 142.739 so i dont expect a bullish trend higher than that. If price tests the upper trend without breaking, i am going SHORT. I'm a newbie but this is my analysis.