GBPUSD Swing Trade SetupGood day all, Chart looks a bit confusing currently with the short and long positions, however please take note we have not yet concluded our short swing. I am however starting to prep for the Long Swing again with the buy zone coming up as seen on the chart with that Blue Box.
What I am currently seeing is a trendline bottom to top that concluded with failure to break out short term which resulted in the three short positions with the formation of the Head and shoulders pattern and the two flag structures heading down to the Head length. However I am noticing a channel downwards which is another bigger flag pattern meaning we won't see that bottom trendline again and mainly longer term we are bullish for major swing trade. My first entry zone will be at the bottom touch of the flag structure and that blue box at 1.22070 with previous supports being found there aswell. This I will then ride to my second possible entry which is the flag break and retest also shown however please take note i will update chart with a entry once this has been confirmed. I am then looking for flag pole to play out which has target zone one at 1.27900 and second a new high above 1.28500. There should be a possible third entry also shown at the top trendline for where I am looking for a break and retest of structure before looking for a third update on entry zone with targets for minimum 1.27900.
I am looking to close out my shorts and will then do a full update for the long with a much cleaner chart. FX:GBPUSD
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