Pre-Breakout Buildup on GBPUSD (LONG)
---- ANALYSIS ----
... After breaking above Daily S/R line (1.3050) on Jul-14, price retraced to roughly 1.3000
... Since then, Price has tested S/R line repeatedly and formed five (4h) doji candles within the last 24 hours
... Expectation is for possible Bullish breakout above 1.3050 in the 50-80p range
---- ACTION(S) ----
... Waiting for confirmation of breakout at/above 1.3050
... Will then enter market (LONG) with TP: +60 / SL: -30
... May adjust TP if price show willingness to rise further
---- ADDITIONAL NOTES ----
... 1.3050 is also a previous Daily Swing-High (from May-18)
... Be mindful of GBP news affecting price on 7/20 (Retail Sales) and 7/21
Buildup
Back in the (2hr) Channel again... Will price drop...?---- ANALYSIS ----
... Price tried twice (unsuccessfully) to rise out of 100 pip channel
... Price also crossed 2h (yellow) trendline and is bouncing between various 2hr-EMAs
... 2hr-EMA(24) in light-blue is currently providing support AND also aligns with "chunk" of support candles from late May.
... small doji has formed (possible BUILDUP)
---- ACTIONS ----
... Will set (conservative) Pending SELL @ 1.1230 with expectation to ride price downward toward bottom of channel.
... Depending on price action, may enter aggressively as soon as 1.1240...
... IMPORTANT NOTE: higher-frame price action still suggests Bullish momentum.
... So, be ready to change to BUY if price rises/closes above yellow trendline again..!
Bullish Exit of 2Hr P-Channel... Will it continue..?---- ANALYSIS ----
... Friday's US NFP announcement created a 60-pip "pop" in price action
... As of SUN, price is now (slightly) above upper limit of 2h P-Channel
... Price also seems to have support at 1.1265 level
... AND, Price stayed ABOVE channel to close out the week (poss. BUILDUP)
... Despite BULLISH sentiment, still a chance of price retracing back into 2h P-Channel
... This is due to 1) "day-after" profit taking and 2) further analysis of US-NFP report as "not as bad" as 1st reported.
... Regardless, signs favor further BULLISH momentum going into this week.
---- ACTIONS ----
... Setting alert(s) at approx 1.1290 to monitor Price Action further.
... Depending on PA, one may enter Aggressive LONG at 1.129xx, or
... Wait to enter conservative LONG above 1.1300
---- IMPORTANT NOTE ---
... Be mindful of Wkly timeframe...!! (see snapshot below)
... Price is currently near top of ~900-pip Wkly P-Channel
... At top of channel is Major S/R level (1.1425)
... However, at current price (1.1300), there is still lots of room for a +40p (or greater) LONG trade
... And will re-evaluate options if/when Price approaches 1.1425
---- REFERENCE ----
EURUSD - Weekly Chart