Good Evening Traders, The pound has broken through key support and resistance, now at the sloping support level. After the key S/R being broken, we had a retrace and then a continuation of the down trend. I believe the sterling now has the momentum to head back to the 1.21 level, previously seen post October flash crash. With only months before Prime Minister,...
Hi Invalidation level for this setup is 1.2385 ,, If the wave ii breaks above invalidation level than this setup is no more valid . Take the trade as soon as the c of ii completes . ( Potential area = 1.2350 ) SL = 1.24000 Target = 1.21850 Move SL to break even at 1.23000 Regards
Follow the pre-Brexit into current price/action gives you a little bit more recovery, say 1.30, and then another 15c crash as we hit hard Brexit before March 2017. Just a fractal - the fundamentals have to happen as well! This does NOT conflict with my short-term long post.
I have listed the BoE rate set dates, and the pattern of price/action is similar to run up to the 9 Sep meeting. The parallel channel provides additional evidence. Be warned, my record on cable isn't that great. For example, more Brexit delay news would trump technicals. Funny how everyone is using that word these days.
Head and Shoulder Pattern has completed on the cable, however I'm curently waiting for the break of the neckline, then a re-test of the neckline for entry.
Cable seems to have long way to go south. After breaking out of the massive range on Brexit fears, the bearish plunge has a target of around parity for this pair. Any upward move could be considered a short opportunity for long term traders. Good luck, Ali Sharifazadeh, CFTe
GBPUSD is trading above 1.33 today, despite the broad risk-off sentiment which has seen JPY up on the day. Fundamentally: Fed members are hawkish, and at least 1 rate hike is on the table this year. September is a close call - and if we believe the hawkish rhetoric of the FOMC recently - the market is underpricing a rate hike in September. This is bullish for...
Strong rebound seen here on the daily chart. Before I look to enter this trade, I would have to be sure that sellers are in fact in control of price. Therefore I will keep an eye on the lower time frames to gauge confirmation, and look to enter on the daily time frame.
Nice H1 Head and shoulders forming. will be looking to get short at the right shoulder. once price breaks the neck line i expect a retrace back the neck and then drop again
GBPUSD reached 1.326 today off the back of a strong manufacturing PMI (53.3 vs 49.0 consensus). Fundamentally: Sterling should remain pressured, as manufacturing has a limited contribution to UK GDP, and the uncertainty of Brexit still looms. As long as this uncertainty remains, BoE should still look to cut rates and maintain QE. Technically: There is strong...
Last week, Yellen stated that positive US reports have opened up the idea of a rate hike in September and we will need to see more positive US reports for the rate hike to be confirmed. This acted as a huge catalyst on Friday allowing the US Dollar to break TL on most pairs. As it stands the Dollar is looking bullish with investors waiting for US reports to...
Sell on the Pullback after Breakout of trend line. TP 1 @ 1.312 TP 2 @ 1.302 SL above pullback high.
After the brexit, the GBPUSD has been consolidating, trading sideways, that is a great scenario to trade between the structures, in this case in particular we have a 115 pips wide range where we can either buy at @1.2968 or sell at @1.3084. Depends on which gets filled first The best opportunity for us is the short one, because it has a significantly major...
I suggest you check out ALL of the relevant articles that i attach to this post so that this post makes sense SEE PART 1 ALSO GBPUSD historical Price Action The findings of previous the attached "Price action history posts" led to the conclusion that referendum history clearly wasn't repeating itself however IMO because this is the case it has opened up...
GU well exceeded my resistance level when the EU interest rate decision was announced followed by the speech. Due to this, my initial trade was stopped out. I have re-entered here at the perfect time where I will ride the price down to 1.41855, near previous support.
If you're going to take a position for the week, short now. Stop loss : 1.4660 or if you want something riskier, above last high at 1.4230 Take Profit : 1.4050 I run an exclusive forex group training full time forex traders at www.TheForexArmy.com
FX:GBPUSD Graphical Elements : Bearish descending channel stretching back to 2015 July Elliott Wave Structure : We're seeing a wave (5) ((3)) push down below fractal resistance at 1.4640 I specialize in Elliott Wave analysis for leading banks and hedge funds in 3 different countries. I also run my own trading community that specialize in training successful...