Cable
Cable, watch it for the possible channel It seems that we are in the midst of making a big channel here,
1- Except for the weekly trend lines,
2- The 38.2% extension of the previous up move and
3- The possible 3rd wave completion of a 5 wave up move
Suggest that we would start a down move, likely in a corrective fashion, soon.
So we are watching it to see how this very early forecast would play out.
Sorry for the messy chart, had to consider everything 😉
Happy Trading, Stay Green! ✌️
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💬 Please let me know your view about the idea
🔗 Check out the "Related ideas..." in the links below too
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Cable, An aggressive sellI took an aggressive SELL just when it touched a "not so important weekly trend line".
If you are not an aggressive trader, it's better to wait for a 4H candle to close following a flag for confirmation to find your sell setup.
If you are an aggressive trader and your strategy allows you to take this kind of trades, then go ahead and put an order under it with a tight stop loss
To see what I mean by the "wait for the trade setup" please check out the "Related ideas..." below and see how in the last forecast (Fiber, A SELL setup is in the horizon) putting an order and not jumping in the trade, saved us of taking a loss
Happy Trading, Stay Green! ✌️
➖➖➖➖➖➖➖➖➖➖➖➖➖
💬 Please let me know your view about the idea
🔗 Check out the "Related ideas..." in the links below too
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📌 Kindly note that Forexian is not a signal provider. The published idea is ONLY our views and analysis of the market!
Forexian does not take any responsibility for your decisions and/or trades.
Mid-term outlook / idea for GBPUSD 🔌Today I'd like to share my GBPUSD trade idea with you.
We're seeing Dollar weakness as at end of July. I expect GBPUSD to continue it's rally to in and around the 1.30000 psychological level. I also expect price to react quite strongly at this level, to push to the downside.
Potential downside targets can be in and around the 1.24500 level (550 Pips). Some confluent factors to this target are the channel and potential liquidity lying under the bars / wicks formed early in July.
After the retracement to 1.24500 I'll look to go long targeting the pre-covid level of 1.32000 for a potential 750 Pip rally.
something I'll be looking at for confluences - stronger DXY in upcoming weeks, as well as a rise in the yield of 10-year Treasury Notes. So lower prices!
But all of this is just speculation - happy trading.
ridethepig | GBP Market Commentary 2020.07.23On the UK side, we are still on track for a NDB and loss of market access in the short-term. As long as the June highs are holding at 1.281x then I favour the sell-side, watch for 1.252x and 1.228x below as we enter into the ‘eye of the storm’.
For those in EURGBP a simple leg from 0.900x => 0.913x is in play to kill the week.
Lower support trendline - Touch and Bounce Upwards - GBP/USD Simple trading idea. Price currently at 1.27300, but may fall back down towards towards the lower trendline acting as a support barrier for GBP/USD - a bounce off this trendline could provide a good trade opportunity.
NOTE: Not professional investment advice. I will not be held accountable for any losses.
GBP/USD buy opportunity... Hi Traders,
Cable has entered the week 20/07 with some noticeable strength and should not be ignored. Here we have a buy opportunity on the GBP/USD to potentially the 1.28 handle before I begin looking for signs of a reversal. This week the cable will be faced with some PMI and other economic data figures along with the ongoing Brexit negotiations. Reports suggest the pound is 3 times more likely to react 'dramatically' than the other majors so this is an opportunity to ride a potential move higher in sterling.
From a technical analysis perspective, I am looking at a bullish flag in development, price has currently just broken above the 200-day MA further indicating sterling strength and my immediate target is the 1.28 level.
ENTRY: Use the 15 minute timeframe for entry analysis! It is unlikely to find another 1hr or 4hr correction (if above analysis is correct) at the current structure so use the 15 min timeframe to pick out an entry and use stop losses accordingly! 👍🏽
Follow for more updates. Any questions, feel free to ask.
Ike
GBPUSD - Can we break this?GBP looking like to break towards up side - But we've got consolidation and a key trend-line down as well..
Over the trend line, pulls in control - out of the wedge formation - Target the next resistance areas!
Below the wedge down target 23.6 or 38.2 Fib Retracement, matching the key support areas.
It's a really nice clean set up - best set up I feel for the majors!
Remember - Just a trade idea, not a recommendation.
Have a great week ahead.
GBPNZD Trading Into A Temporary Setback?Hello traders!
GBPNZD is still slow here at the lows, but based on intraday view, seems like price is still looking for a bigger corrective recovery in wave 4 which can retest the 1.9450 – 1.9650 resistance area before we may see a continuation to the downside within a wave 5.
Trade well!
Looking clean CABLE - GBP/USD. My favourite trade for this month - Over 1.26733 area I'd look for bullish formation, pattern or daily close for further confirmation of bullish run towards 1.27/1.28 is where the next resistance areas are. Some people say it looks like inverse head and shoulders. However, we need confirmation for it go OVER the trend line - we are finding that a key area. Keep an eye, put alerts or orders in so you don't miss the move. It is a great risk reward move as well as one of my favourite trades - momentum going with trend. However, until we haven't broken we could head lower to 1.25/1.24 areas and any lower 1.23. However, DXY is at a key area at this moment of time. Keep an eye out on EUR/GBP as well.
Just a trade idea, not recommendation.
Enjoy.
GBPUSD LongHi everyone!
GBPUSD been showing bullish sentiment last week, with retest of the 200 EMA & certain Trend Lines (1H, 4H and Daily) giving further buy entry opportunities.
I am looking on going long on gbpusd for a short term, taking in notice the upcoming events from the economic calendar.
Entry would be in this case on the retest of 1H/4H trend lines & S/R Levels!
Entry confirmation will follow of course after the market open, but betting on 61.8 Fib and S/R Levels.
Clear formation of Double Top/Inverse H&S pattern, after clearing the previous high and retesting the level would move the SL just bellow, to lock some pips.
Daily confirmation of further bullish bias.