olliemeaning

olliemeaning

* Retest of the 61.8% level and significant market structure. * Descending channel on 1hr. * Hit 4hr 200ema. My entry was a buy order on the 4hr 200ema which is currently holding and was rejected.

olliemeaning

* Price has reached the top trend line of a descending channel. * This also correlates with the 78.6% fib level which has been respected on the 4hr time frame. * The 78.6% fib level also happens to be an area of support turned to resistance, so we also have a break and retest. * I am entering today to hopefully secure some profits before weekly close. * I will...

olliemeaning

* Price has retested a significant daily trend line so I expect some reaction. * Price entered a strong support zone on the 61.8% fib level which has been well respected. * My first target is the last profit taking zone. * My second target is the first lower high of the descending channel.

olliemeaning

* This week the pound had strength and the Aussie dollar had bearish fundamentals. * Price has respected the upward trend line and broken through resistance. * The fib levels were respected and we are now closing above the 61.8% level we may come down again to retest the zone before pushing up further.

olliemeaning

* GBPUSD is full of fake outs so I always expected price to move back down to the 78.6% level after yesterdays move up. * We've touched the bottom of an ascending channel. * I expect the support levels to hold. * We also tested the 4hr 200EMA which I expect to see a reaction from. * The uncertainty in the election should give the pound some bullishness over the...

olliemeaning Updated 

* 2nd Rejection of counter trend line * Hit 78.6% level and now coming back to test 61.8% zone * target is test of daily trend line which has been broken once already, could start long term downward move and a continuation upwards

olliemeaning Updated 

* Support level of 1.656 held well * Price tested the level many times and consistently rejected and respected the 78.6% as they coincided with each other * Price was squeezed on lower time frames and now expecting a move upward * target is -27% level

olliemeaning

reached a longterm daily down trend line. a descending channel. continuous strength from CHF should continue this downward move.