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Bullish Bat pattern in GBP/USDFollowing on from my previous post in Cable of trying to identify a BAT pattern whilst we were around 1.5670 the price is now near completion of this potential BAT pattern. Taking a short down to this level would have been quite successful, even identifying a potential BAT pattern early on before the classic buy at completion. Now the price may rise from around 1.5200 which completes the BAT pattern and is also a potential reversal point from the trendline I have drawn in. This trendline is a speculative one drawn in equal distance away from the existing channel. This seems to work more often than not. Could target the trendline at the base of the existing channel around 1.5700 with a stop around 1.5070 however if this trade idea works then a smaller stop could be used. Again, the market will do what it does, this is only an idea. Please Like if you would Like more posts Like this!
Long
by TomP
EUR/GBP: Chart of the weekLast week chart: 2 WINS Profitable pullback ( I don't trade these pullbacks ) Profitable movement up ( I made 95 pips ) We had a bearish engulfing candle on the Weekly chart + finished on friday with a shooting star candle, that closed under the resistance level of 0.712. This all happended after a break of the previous TL ( which can now be seen as the CTL) , since we bounce now for a 3rd time of a new,validated downwards TL. I would like to see a test of the lows this upcoming week.
Short
by RBNonit
POTENTIAL BULLISH TRADE ON GBPUSD We saw Cable break structure to the upside at the beginning of last week. Price retraced around 1.57800 due to previous resistance and we are now back at the prior structure level. I believe resistance will turn into support here and the price will retrace back up to the 1.57800 level. Of course price could break through the support level and break out of the channel I have drawn, but this is why I will wait for the close of this candle and possibly the second candle for bullish confirmation, as long as I can still get a decent risk/reward ratio.
Long
by KamalFX
Bulls might step in soon on the GBPUSDIf I had to pick one currency to have a long position in ATM, it would be GBP. The EUR is weak, the USD is seeing a much needed pullback, and despite uncertainty in the past couple of months leading up to the elections, the GBP is starting to look like a nice long trade. I think we might see a decent opportunity in the GBPUSD in the next couple of days. The level I am looking for is 1,55. Why?: Around 1,55 heaps of bullish confluence is layered. 1. Bullish momentum since the bottom at 1,46 2. 1,55 was previous resistance, tested at the 29th - 30th of April, and could very well be tested as new support 3. Both 50% and 61,8% fibo levels, will come to play around 1,55 4. The 200 EMA will com into play 5. The ascending trend line will provide further support. A possible target could be 1,625 - 1,66, before the USD bulls will start to run again. Keep an eye on the DXY though. The GBPUSD pullback, coincides with a pullback on the DXY to 95. If the DXY breaks through 95, the GBPUSD will probably depreciate further than 1,55. So look for a rejection of the 95 level on the DXY for extra confluence. Happy Trading! // Mads Brandt
Long
by Laban132
Bat Pattern or a Wedge GBP/JPY, 1hr Here we see a developing Bat pattern in a triangle or wedge pattern. we know that wedges generally rally out at 3/4 of the triangle, be it up or down. So what we should expect to see happen here is that the market will rally down into previous structure around the 1.618 extension of the AB leg. when the market does so, it will complete the bat pattern triggering a reverse in the market and rallying back up into the 1.618 extension of the BC leg. however, if the market breaks through the wedge at the 3/4 mark on the upside, its likely to see a similar rally, up into the 1.618 extension, but our room for profit is less. So my entries are marked at the 3/4 mark on both the upside and the downside, both long. my upside stop is placed at the current structure level around 1.8170 and that limit is placed at the 1.618 extension of the BC leg. The second option, for the bat pattern egas an entry placed at the 3/4 mark on the low side of the wedge, a stop placed at the lowest low of the bat pattern , and a stop placed at the 1.618 extension of the BC leg. Than you for you time to analyze with me, i look forward to future trades, if you do too, please like and follow, but also , comment and let me know what you think. Thank you guys again, good Trading!
Long
by Kylan_Laymance
GBPJPY Coming Up To ResistanceIf this trade takes it will present a very nice risk reward ratio... As shown on the chart there are two likely scenarios. One of which would be the pair finding resistance at its current level of 118.060 and selling off to previous support. The other would be a small additional rally all the way to the top of the resistance zone of around 118.500 where the sell off would then follow. The second of the two would present an even better risk reward ratio, but even the first scenario presents a very nice risk reward ratio.
Short
by asdasdasdasd
1
GBPUSD - COULD BE READY FOR RETRACEMENTMost USD pairs weakness against USD has be very stretched have been appearing to either reverse trend or at least make noticeable retracement GBPUSD is not different. It is possible that the recent bottom formed in April could be significant one resulting in trend change or may be just an intermediate low. Also as it was severally oversold exasperated by uncertainties associated with the UK lection which resolved very cleanly it benefited from lifting of that uncertainty. However at current level it could offer opportunity to short with retracement or retest of the low in prospect. Technical Summary: 1. Weekly chart shows that it has approach the median line and 38.2% retracement of the entire decline from July 2014 which could offer resistance See chart below 2. Since the low in April it appears to have abc zigzag with price having just poked above the previous resistance possibly triggering stops. 3. At a level with several Fib extensions and projections offering confluence. 4. Accompanied by clear RSI divergence. 5. Possible decline to 1.51 -1.50 would feasible in case of retracement or might continue all the way to retest the April low. Warning: This is my interpretation of price action using TA approach that I consider helps me most, but could be completely wrong. Therefore as always, do your own analysis for your trade requirement and ignore my views. For those who appreciates my analysis, select to follow me and the chart for notification of future updates. Indicate you like my analysis by thumbs up, comments and sharing it with others. If you have an alternative idea then please be constructive and share for all to learn from. Thank you for taking the time to read my analysis. DanV danv-charting.com
Short
by DanV
18
GBPNZD - POTENTIAL SHORTING OPPORTUNITY FOR RETRACEMENTIn my previous GBPNZD chart I suggested a potential larger contracting triangle and associated long trade highlighted has developed really well the low. However the price action has now overshot the requirement for contracting triangle upper limits (see chart link below) Therefore, the contracting triangle is no longer valid, nevertheless in the longer term the outlook for this pairs remains is very bullish, as noted in the comments accompanying the chart. If fact many have been noticing larger inverse Head & Shoulder pattern forming which could eventually lead to much higher prices. Taking a fresh view of the entire price action to date since the April 2013 low another picture appears. Not entirely sure how to label this but suffice to say that it is an incredibly clear megaphone pattern which can be: 1. Bearish if it is found at the top of the major move. 2. Bullish at the beginning of the move as is the case, in this instance. However upon completion of this pattern a correction would be in order. Few points to note are: 1. The price has poked above September 2014 high possibly triggering many stops and could now be vulnerable for a retrace. 2. Most of the recent rise of the low has been fuelled by GBPUSD strength and NZDUSD weakness 3. GBPUSD might also be at critical level with poking above its previous resistance level and several Fib confluence along with accompanying RSI divergence suggesting a retracement might develop sooner rather than later (see chart below). 4.Part of the rise of GBPUSD was accompanied with UK election outcome which now is known and could suggest that now it might take a step back. Technical Summary: 1. As noted above not sure if this "megaphone" should be an expanding ending diagonal or leading diagonal, but it is clearly seems complete now, which, I have labelled ABCDE but it could have been 1,2,3,4,5. The conclusion is the same in that short term top might develop here and could retrace, may be back to 2.0 or deeper. 2. Price has poked above April 2014 high and may have triggered many stops 3. Level reached also has several Fib projection and extensions with confluence in that zone. 4. Minor RSI divergence on hourly (see chart below) 5. GBPUSD might also be making intermediate top (see chart below) 6. NZDUSD related new out tomorrow might enable a retrace of NZDUSD from oversold level. However, this is a counter trend trade, hence of higher risk category and should be kept in mind in considering this trade. Warning: This is my interpretation of price action using TA approach that I consider helps me most, but could be completely wrong. Therefore as always, do your own analysis for your trade requirement and ignore my views. For those who appreciates my analysis, select to follow me and the chart for notification of future updates. Indicate you like my analysis by thumbs up, comments and sharing it with others. If you have an alternative idea then please be constructive and share for all to learn from. Thank you for taking the time to read my analysis. DanV danv-charting.com
Short
by DanV
27
GBP/USD Analysis 01.05.2013Background: Price found enough demand to halt its current downmove @1.46300 where the current minor rally broke the (red) supplyline indicating that demand outweight supply at this moment , the rally stopped near the current high @1.5552 which can bee seen as current resistance which needs to be overcome in order to speak for returning strenght to the market , if we break the (green) demandline we may head down to at least 1.50280 which is the 50% retracement level of the current rally, any buying occuring at that level can bee seen as a further sign of strenght , however if we fail to hold this level we head back to the support @1.4630 and any rejection at this level can be seen as strenght yet again , however we may form a trading range between res.1.55520 and sup. 1.4630 for the time beeing . Signs of Strenght: Downmove came to an halt Broken Supplyline Signs of Weakness: Price failed to take out the actual high Key Levels above current price: 1.5520 1.5870 Key Levels below current price: 1.5028 1.4630 sidenote: A downmove can only last for so long till their is a change in demand, and the balance of supply and demand changes in the favour of demand , ie. the buyers are at least heads up with the sellers and stop price from going any lower , if price then is in equibilirium ie., going sideways most traders agree on the same price "fair value" value = price over time , this balance(cause) aswell only goes on so long till there is a change in demand and supply and we have an imbalance(effect) and a new trend establishes till we find balance again..
by Invezted