Looking for GU to bounce in London Friday session, and then resume downtrend in NY session.
Entry possibilities are the Red zones of interest.
Take Profit are the Green Zones of interest.
The EW waves drawn are the type of behavior I am looking for.
But if some Brexit news comes out to add even more uncertainty, I will add shorts immediately.
Background:
I am a Dollar Bull and Pound Bear, and will remain so until BOE starts talking about rate hikes or PM May starts presenting a positive and plausible Brexit scenario.
My GU adventure started with a search for top of uptrend around Sept 20th
Then came the big drop, which I caught most of. Then I started looking for bounces to short
After catching a few scalps and a couple big rides down, I was then waiting for a pull back again
Then, just before NFP, the Pound started getting some good news and showing signs of bullishness so I threw some longs down
The I started looking for shorts again, as the uptrend started to get tired
There were of course some plans that did not execute, or failed, but even then the zones were proven relevant and I got scalps in with tiny profits or break even. Such as this plan
Which brings me to the current plan to watch for bounces to short more
Entry possibilities are the Red zones of interest.
Take Profit are the Green Zones of interest.
The EW waves drawn are the type of behavior I am looking for.
But if some Brexit news comes out to add even more uncertainty, I will add shorts immediately.
Background:
I am a Dollar Bull and Pound Bear, and will remain so until BOE starts talking about rate hikes or PM May starts presenting a positive and plausible Brexit scenario.
My GU adventure started with a search for top of uptrend around Sept 20th
Then came the big drop, which I caught most of. Then I started looking for bounces to short
After catching a few scalps and a couple big rides down, I was then waiting for a pull back again
Then, just before NFP, the Pound started getting some good news and showing signs of bullishness so I threw some longs down
The I started looking for shorts again, as the uptrend started to get tired
There were of course some plans that did not execute, or failed, but even then the zones were proven relevant and I got scalps in with tiny profits or break even. Such as this plan
Which brings me to the current plan to watch for bounces to short more
Note
GU definitely noticed by first zone Note
Well, that was a nice little scalp. Note
Another perfect rejection from the first resistance zone, after barely breaking above it. Quite a bearish signal, so shorts fired again! Note
Brexit news gave Pound a boost (PM May looks to relax on Irish border issue), so GBP might have some strength into next week :( Note
GU currently stuck between two zones. Notice the exact effect of the fib lines of each zone Note
No big surprise that Asian session would follow the support and resistance zones without enough power to break through Note
Even within the longer tf fib zones in red, GU is following the microscopic fib ladder quite precisely. Note
GU played out about as expected But I was a little disappointed to have missed the exact top. Then I figure it out, it was the 2.382 that did it, not the 2.618
Based on the fib observations, my new support resistance zones of interest are:
Based on the momentum of the move, I think there may be one more leg down yet, to the 5.382
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the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag
the Trading View is my Nation
the Moderator Tag is my Flag
Related publications
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.
the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag
the Trading View is my Nation
the Moderator Tag is my Flag
Related publications
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.