I will short on retest of upper trendline...my target will be bottom trendline, if price breaks up above trendline I will be a buyer to 1.35 area....
Many of the GBP pairings appear to have already reversed but there are a few more we can pick up on Monday/Tues
Many of the GBP pairings appear to have already reversed but there are a few more we can pick up on Monday/Tues
Note
Maybe not simple!!!
One thing for sure is we get a correction...
I will enter 2 short trades , I will take profit at 0.38 fib .131602...
then let the other position run...hopefully to bottom of channel....then buy to complete a butterfly pattern
Trade active
Trade closed manually
took small profit...will reenter short at 1.33368Note
correction 1.33438Note
Im still with this idea. the breakout of channel is false and just appears as a spike on the daily chart..GBP's rally is wearing out, already reversing VS AUD which is a trade that is in profit, I will attempt another short when I see a right shoulder to balance the left side....
Note
Shorted at 1.335I will watch price action on this one....to take profit
Note
Potential Bullish Cypher so I will take profit there as dollar index looking weak, 8:1 risk reward as tight SL , must break the support trendline first , if not then its a break even trade,
Trade closed manually
made profit...closed trade as looking bullish support line likely to try a double top and could be a bullish breakout....Note
I will buy on retest of trendline...This has one more leg up to make a head pattern around 1.34668 ...1.35...Note
Order cancelled
cancelled this trade ....DXY may have a bullish butterfly.....expecting possible negative oil news which will fulfil the butterfly pattern and strengthen dollar...weaken GBPUSD further...expecting dollar lift to be shortlived if if fulfils this pattern....then I will buy GBPUSd until DXY retrives to its trendline (94.50)
Note
Nioe opportunity for GBPUSD lies ahead
Either long on support channel and completion of this bat pattern...or short pullback...or both !!!
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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.