Possible short on GBPUSD depending on the next opening price. No RSI confluence but the pullback is showing an L3C candle, at a 0.786 fib retracement level.
Enteries - At market order once opened/Stop order just below lows of most recent candle
Stops - Above structure looking left
Targets - At the retest of previous level/extended targets
Having broken structure looking left, there may be cause to expect price to further rise.
Daily Trend - Identified as Bullish
4hr - Previous structure highs broken, printing a doji currently however, end of trading will be affecting over the weekend.
Entering next bar market if no engulfing candle is present, or large jumps.
Stops placed an ATR below the...
Interesting butterfly pattern setting up on BNBGBP. Its currently making the C-D leg so obviously not a valid pattern just yet. It would have to cross strong structure lines to get to the 'd' decompletion point however this is a structure breaking pattern so possible. Interesting to see where it ends up.
Higher Time-Frame Analysis - Looking at the Daily Chart, off screen, there is a Bearish Trend however, most recently a falling channel structure and a bit of consolidation seen. At this stage i would only really be looking at consolidation patterns so cyphers, bats, butterflys, and gartleys.
Lower Time-Frame Analysis - Seeing the 4hrly chart only really shows...
Looks like we have a pennant on the daily and showing key levels of support on the 4hr. This could provide an opportunity for a long position and further with a Bullish pattern showing. Structure above however plays a key role of bearish support which would need to be broken through.
At the moment we have a butterfly pattern completed at point 'D' with a 1.272% extension from A-B-A.
I'm waiting for a potential entry on the 4hrly or a sign that the pattern will hold. There is currently potential for a double top at structure or more conservatively for a 2618.
Targets are A-D retracement at 38.2% and 61.8%
Stops 1.618% extension A-B-A and...
We can see a 1:1 pattern on the extensions (Labelled 'A'). Identical in length and gives a good tend. The pullbacks are equally 1:1 (Labelled 'B') and interestingly have stopped at a level of support. By looking at the 4hr we can see that should the trend continue, the only structural support above is the all time highs of BNBGBP. This will be a strong stopping...
Long on BNBGBP -
Looking at the way we are getting pinched into a triangle pattern on the daily and 4hr, we can see that a breakout is soon to happen.
There is strong structure below on the daily providing bullish support from below. This coupled with the BAT pattern gives further strength to that structure. Worst case of a breakout below I can expect...
Showing a Pennant pattern on BNB with some extensions. So looking for the breakout above the triangular downwards pattern. This should allow for both conservative targets on the structure above and longer term for a 1-1 move up with the 'flag pole' of the Pennant. Will be interesting to see the longer term outlook.
We have a cypher pattern now showing on CROBTC for a move back up. Obviously we are still looking bearing overall as previous structure has not been broken but there is definitely room for a move back up to the 38.2 retracement or extended targets of 61.8.
There is structure support at the bas of the bullish cypher so provides further buying pressure once...
Having broken free of the effective pullback we are now looking to continue the negative trend towards a bearish move overall. Stop marks may be previous structure looking left, where there may be some buying pressure, and going past that for extended targets really is deep lows.
Bearish FLAG pattern on the 4HR and also BEARISH signals on the daily give reason for entry to target bottom of flag in a bearish move. Looking for entries on the 1hr can be L3C/2618/DT.
Will be interesting to see if the bullish move in GBP/USD continues. Obvious last pullback to 0.618 retracement. If we can break above structure to form new highs then a target of 1.272 extension looks reasonable with a 1:1 move from previous as well.
Very limited moves on the 4hr charts but minor pullback may be used to see 50% retracement nearly reached. Combined with a Bearish Flag Pattern may give indication of a bearish move down. Staying in the channel lines and possibly moving lower to break structure. Highs now of 0.-434 before the move down.
As mentioned previously, we have now completed the bullish cypher on EURUSD and as such have two targets, the 38.2 and 61.8.
If missed initial entry or after a more conservative entry, we have a Double Bottom forming which may lead to a LONG opportunity with valid P/L at the 61.8 retracement.
Issues may include, breaking structure and lack of RSI divergence...
