GBP/USD LONG SETUPCABLE HAS BEEN BULLISH FOR A LITTLE WHILE NOW. THE RECENT PULLBACK BRINGS PRICE BACK TO RETEST SUPPORT AND A THIRD TRENDLINE BOUNCE. WE ALSO HAVE A FIB PLAY HERE AT A 50% RETRACEMENT.
TO TRIGGER THE LONGS WE WANT A BREAK OF THE CTL AND WE WILL THEN BE TARGETTING BACK AT THE HIGHS BEFORE SEARCHING FOR A HIGHER HIGH AT KEY RESISTANCE, CONFLUENT WITH FIB EXTENSIONS.
TARGET 1 = 1.5920
TARGET 2 = 1.6140
British
GBP/USD Technical AnalysisThe pair is moving in uptrend . We now see a retracement move. It is now facing an area of many supports. We now should wait to see if the price return at its main trend or the retracement would be bigger.?! Personally, i think that this is a level were buyers would return.
GBP/JPY LOOKING TO RECLAIM PRE GAP HIGHSAFTER A BREAK OF THE TRIANGLE/DOWNTREND, GBP/JPY APPEARS TO BE BULLISH AND OFFERS UP A DECENT RISK TO REWARD TRADE.
ON THE 4H CHART THE 150/16 DAY MA'S HAVE TURNED AWAY FROM EACH OTHER FOR THE TIME BEING, INDICATING A POTENTIAL CONTINUATION OF THE LONG TERM UPTREND.
TARGETS CAN BE SET AT 193.90's, A BREAK OF THIS LEVEL COULD LEAD TO AN EXTENSION OF 194.35, THEN EXPOSE THE PREVIOUS HIGHS OF 195.80's
GBP/CAD POTENTIAL LONG PLAYBIAS FOR THIS PAIR IS FIRMLY BULLISH AT THE MOMENT. PRICE HAS BROKEN ABOVE RESISTANCE AT 1.9520 AND I AM NOW MONITORING P.A ON THE 4HR TIMEFRAME FOR A RETEST AND CONFIRMATION TO GET IN TO A LONG TRADE.
TARGET FOR THIS IS 1.9825 AT THE -61.8 FIB EXTENSION FROM THE DAILY FIB SETUP.
GBP/CHF LONG BIASAS THE GBP CONTINUES ITS BULLISH MOMENTUM ACROSS THE BOARD IT COULD PROVIDE A NICE LONG OPPORTUNITY ON THIS PAIR.
WE HAVE MADE 2 HIGHER LOWS AND RECENTLY SNEAKED IN A HIGHER HIGH. ALTHOUGH WE WASNT ABLE TO GET A CLEAN BREAK ABOVE THAT RESISTANCE IT COULD BE A GOOD SIGN OF THINGS TO COME. I AM NOW MONITORING P.A CLOSELY FOR A LONG SETUP. I HAVE HIGHLIGHTED THE AREA AROUND 1.4470 WHERE WE FIND THE 50% FIB LEVEL ALONG WITH THE ASCENDING TRENDLINE. IF PRICE HIT THIS ZONE WE COULD ALSO TAKE IT AS A RETEST OF THE DESCENDING TRENDLINE THAT WAS RECENTLY BROKEN MEANING SOME GREAT CONFLUENCES TO TAKE THE LONG IF WE GET THE RIGHT P.A.
IF EVERYTHING LINES UP WE WILL BE LOOKING AT A POTENTIAL HIGHER HIGH TO BE MADE AT AROUND 1.4960. ONE TO WATCH HERE
POTENTIAL LONG ON GBPUSD @ 1.57000With Cable (GBPUSD) in an uptrend, it is good to join in the established trend in a price area that is low risk.
Price should head up and out to ~1.5900. The first target will be 1.5820 for a reward of about 3.5xRisk.
The strong move away from the zone shows the trend could find new strength when prices pull back.
However, a trend reversal seems close (1.5950)
EP: ~1.57000
SL: ~1.56500
TP: ~1.58200 (maybe 1.59000)
R/R: 3.5:1
POTENTIAL SHORT ON GBPUSD @1.5818The strong fall from 1.5818 suggests a move down from the area is possible on the next arrival.
The 30 pip risk in this zone, should it work, gets a reward of about 4:1.
The pair is in an uptrend. But the chart suggests that the end is near.
This is a counter-trend trade for 120 pips before the main trend continues.
Price needs to rally up into the zone in the coming week.
EP: ~1.58180
SL: ~1.58480
TP: ~1.56980
R/R: ~4:1
GBPUSD: The Week Ahead (Day 5)On Thursday the GBPUSD broke a very important structure level around the 1.58 even handle. Since that moment I had to redo my I.P.D.E. and shift my focus from a potential short at that area, to a potential long to hop on the underlying trend. In yesterday’s update I told you guys that I was looking for a retracement and you know what it looks like we’ve got one, or are in the process of getting one.
I initially thought we had a Bat pattern completion setting up but our “B” leg comes in a little too deep. So shifting back to harmonics and structure an AB=CD pattern would put us right at our previous outside return, which lines up right with that structure level that was broken earlier in the week. We have a minor Fibonacci retracement down there as well (for those using the CTS) but the main thing is structure at that key level. Could be a demand zone as well for those who are into that.
Technically the “A-Kill” zone starts a little bit higher at the 1.5850’s levels, but I think the lower level will provide the least amount of risk. Either way if you’re a trend following trader and believe that this market is going to continue bullish then both levels would be buying at a bargain price.
Hope you guys enjoyed this week of walking through a single chart. My question for you guys is next week would you like me to continue with this same pair, or pick something different? Please let me know and if there’s a pair you have in mind shoot me those ideas and I’ll pick one over the weekend.
Have a great end of the week, and if you missed my ideas on USDCAD, GBPAUD and the Short Film that I shared representing the everyday battle that is trading. Make sure you check out my latest trading video. www.youtube.com
Until next week traders, Plan Your Trade, Trade Your Plan and have a fantastic weekend!
Akil Stokes
Chief Currency Analyst at www.TradeEmpowered.com
GBPUSD: The Week Ahead (Day 4)Yesterday’s news gave us a lot of continued strength in the GBP blowing right past previous structure without a pause it seems. So the question is what’s next? Well going off of the basic price action principles of higher high, higher close, I’m expecting the bullish move to continue. The next stopping point that I have on my radar is around 1.6200 even handle where we have a cluster of Fibonacci extensions, retracements & inversions along with some minor structure (looking far left). Technically the “killzone” is a lot wider than that, but that would be the first area that would cause me to place close attention. Our harmonic move (ab=cd) is towards the higher end of that zone, but if you look left on the screen or zoom out to the weekly, you’ll see we have some pretty decent previous structure throughout
Although we’re still a few hundred pips away from that level it’s important that I make that prediction as it’s part of the Identify, Predict, Decide, Execute (IPDE) process that I go through when evaluating every price chart. Now that I’ve predicted where I think the market is going, the next question that I want to ask myself is “how is the market going to get there?” Well, there are two ways, 1) we’ll shoot straight up, or 2) the market will show some relief and we’ll get a retracement back into previous structure.
IF the market retraces THEN I’ll be looking for opportunities to hop on the bullish move.
I appreciate all of the kind feedback on this “Weekly Follow” idea that I’ve been trying out this week. It’s been pretty fun to do, and we all need some fun in this stressful field we work in. I’ll see many of you guys in my Live Room in an hour or so, and for the rest of you, it’s Thursday, so that means be on the lookout for my weekly “Weekend Review” video www.youtube.com
Akil Stokes
Chief Currency Analyst at www.tradeempowered.com
GBPUSD: The Week Ahead (Day 3)In last night’s video we talked about Wednesday being a busy news day and how one of the major releases to keep an eye on was the GBP Average Hourly Earnings. Well, waking up and seeing big spikes in the GBP pairs I can assume that this number came out better than expected. I’ll make my news rounds after getting this post out to you. Now before we get into the technicals, keep in mind that we still have a good amount of news to come including the FOMC statement at 2pm NY time.
Just to give you guys an update, I did not take the bearish bat pattern yesterday, but I did involve myself in an intraday (structure based) trade that was taken out for about a 40pip loss. With our bat pattern now being invalidated by the penetration of our “X” leg we have to restart our IPDE process and ask ourselves “what’s next?” Well a harmonic move would put us right back into a 1.618 Fibonacci extension along with previous structure highs (look left). Normally in this case I would look for a retest of previous structure highs and a chance to jump on the move up but with the FOMC coming later today, I think it’s more likely that we just consolidate until that release at 2pm.
Which way will the market go after the FOMC statement? I’d be lying to you if I said I knew. I sort of have an idea based off simply opinion, but would never base a trade because of that alone. IF we move bearish, it wouldn’t surprise me if the 1.5550’s level was tested and IF we go bullish, we’ll probably break structure to the upside.
With both the BOE and FED looking to raise rates in the future, this is truly a battle between 2 very strong currencies at the moment. It’ll be interesting to see what unfolds…from the sidelines of course.
Akil Stokes
www.TradeEmpowered.com
Check out my trading videos on YouTube www.youtube.com
GBPUSD: The Week Ahead (Day 2)If you're new to following me, yesterday I decided to dedicate an entire week to keeping you guys updated on a single pair. Below is a link to the Day 1 chart if you missed it or just need a recap on what I was looking at.
The cable was very bullish yesterday an nearly pushed up to our projected bat pattern completion. Since then we've retraced and are setting up another potential drive to that level. With all of the heavy news out of the way today and the markets waiting on tomorrows GBP news and the USDs FOMC statement, I'm not expecting too much movement so I'll mainly be looking intraday for my trading opportunities.
Here on the hourly there are two places that i'm looking to get involved on GBPUSD. The first would be a structure play at the retest of the potential Gartley patterns "B" leg and the other would be the potential Gartley which would complete down at 1.5517s.
Jason Stapleton just informed our Syndicate members that he got short this pair around the 1.56 even handle as well. My guess is a structure play as we've just tested a previous level, but I won't know for sure about his thought process on this trade until our War Room meeting at 8:30am NY.
The response was GREAT yesterday and it seems as if you guys are very excited about me trying this "1 Pair A Week" thing out. So I'll keep this going and if it continues to work well maybe it'll be a regular occasion.
See you guys in the Live Room!
Also if you're interested in seeing where I go to get my fundamental data from, i wrote a blog post last night sharing mu top 3 sources: tradeempowered.com
Akil Stokes
Chief Currency Analyst at www.TradeEmpowered.com
Akil@Tradeempowered.com
Check out my FREE weekly trading videos www.youtube.com
GBP/USD - BAT PATTERN - D LEG COMPLETION AT 1.564GBP/USD - 4h Chart - Bat Pattern
Here on the 120m chart of GBP/USD we have another nice Bat Pattern setup.
We must see a completion at D leg ( 1.564 ) before any short entry is triggered.
- SL must go above X
- Target 1 at 38.2% retracement
- Target 2 at 61.8% retracement
Good luck.
GBPCHF MEDIUM-TERM SHORT SELL. COUNTER-TRENDThis medium-term trade is good because it happened right at the beginning of the day.
This means that there was a real stack of supply at that price that wasn't filled in.
Prices moving back in that would give an opportunity to sell the Pound against the Swissie again.
The problem with this zone is that it is merely a continuation of the down move beforehand.
So any move from here could be short-lived. This isn't a zone for long-term positions.
However, there is no fresh demand zone below on this timeframe.
EP: ~1.45619
SL: ~1.46019
TP: >1.44762 (at least 40 pips, 2:1)
Short GBPJPY Daily OutlookShort Entry @ 191.640
StopLoss @ 192.220
Take Profit @ 189.770
Broken Daily support over bought have had a double top in the past couple days which ran right back into the support turned resistance marked by the pink line.
Fundamentally the Yen has gained some strength and it is being shown a little bit across the board.
Technically we can see a lot of structure in play and see a quick fast nice and easy opportunity with a Risk:Reward coming in at 1:3.22 Looking at the structure of this trade we can see a support coming in from a previous high for a take profit at the level of 198.770 just incase it does ascend once it reaches that level.
For a stop 192.220 seems like a fairly decent area without being too close to current Price Action.
Please feel free to give some feedback and share your thoughts Thanks :)
- Rennie
Gartley Pattern, Gbp/Jpy, 15minherre we see a fairly solid gartley pattern on the gbp jpy charts. like all gartley patterns , I expect the market to complete the patteren , and then continure to rally to the 1.618 extension of th BC leg.
I have support form the linear regression channel, which suggests that the market is low, and should rally back up into the positive deviation.
I have places my entry at point B , my stop at point X and my limit at the 1.618 extension of the BC leg.
Thanks for checking this out, dont forget to like comment and follow for more Forex updates.
As always Good trading !
GBP/USD - Bat pattern - D leg completion at 1.574GBP/USD - 240 Chart - Bat Pattern
GBP/USD last week gave us +240 pips at the completion of a previous Bat Pattern ( Blue Pattern)
Here now on the 240m chart of GBP/USD we have another nice Bat Pattern setup ( Pink Pattern )
We are on the 4h chart so this is some time yet from completing, however it is more beneficial to be 1 step ahead at all times.
We must see a completion at D leg ( 1.574 ) before any short entry is triggered.
- SL must go above X
- Target 1 at 38.2% retracement
- Target 2 at 61.8% retracement
Good luck.
GBPAUD 4 HR LONGTEXTBOOK SETUP. PULLBACK TO THE 38.2 FIB WHICH IS IN LINE WITH STRUCTURE LEVEL. AUD IS STILL FUNDAMENTALLY WEAK, THE CURRENCY NEEDS TO GO LOWER TO SPUR GROWTH SO PAIRING IT AGAINST THE POUND IS A HIGH PROBABILITY TRADE BECAUSE THE POUND IS THE 2ND STRONGEST CURRENCY AFTER THE DOLLAR. WE'VE HAD A TWEEZER BOTTOM AND SUPPORT FOLLOWED BY A HAMMER REJECTING OFF THIS LEVEL. FIRST TARGET ON THIS PAIR IS AT 1.9800
Bullish on GBP/USDWe have just seen a major bullish engulfing candle smashing the previous 3 days. This also comes as the price bounced off the halfway point of the fib. We also have a bullish break of the major trend line of the 4hr chart. So my overall price target is the previous high of 1.582 and might look to take some profits at 1.5692. My stop is placed at 1.51344.