GBPUSD - Test and confirmation
Updated
Looking over this pair - had many great wins via thorough analysis and now looking to further grow in knowledge and spotting patterns.
My thinking:
Based off weekly and monthly chart - Personally as mentioned before I do not see price dipping to the sub 1.7 area; price has rejected the dip over the duration of time (bar once with an almost immediate recovery)
Based off the 1 hour chart I believe we need to wait for confirmation of rejection of uptrend support to confirm the bearish continuation - price formed a double top at the 1.2 zone and previously this confirmed the bear run; price is currently teasing us with re tests with a potential re test being formed for the third time.
My strategy is to wait for 1 hour confirmation for the day trade today and then follow direction as following the trend = profit.
My predictions illustrated on the chart.
I have a low buy trade on from 1.17900 which was justified by my analysis of the weekly chart - lot size 0.35 which I will be holding for 3/4 months.
Let me know your thoughts ...
Happy trading
RR
My thinking:
Based off weekly and monthly chart - Personally as mentioned before I do not see price dipping to the sub 1.7 area; price has rejected the dip over the duration of time (bar once with an almost immediate recovery)
Based off the 1 hour chart I believe we need to wait for confirmation of rejection of uptrend support to confirm the bearish continuation - price formed a double top at the 1.2 zone and previously this confirmed the bear run; price is currently teasing us with re tests with a potential re test being formed for the third time.
My strategy is to wait for 1 hour confirmation for the day trade today and then follow direction as following the trend = profit.
My predictions illustrated on the chart.
I have a low buy trade on from 1.17900 which was justified by my analysis of the weekly chart - lot size 0.35 which I will be holding for 3/4 months.
Let me know your thoughts ...
Happy trading
RR
Trade active
Trade in play, in profit already ...
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.