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SHORTING EURGBP AT RESISTANCE, FIBONACCI LEVEL AND "BROKEN FANG"The EURGBP0.18% has multiple times had trouble with the dashed blue line (both now and in the past, go the the 4hr chart!) but has recently broken through it and is now coming back up. We look to short it when it comes back into the 0.7155s again as we then get what i call the "broken fang" setup meaning that price prints lower lows but equal highs. We are also in an obvious downtrend on this pair as can be seen on the pink lines indicating lower highs. Our stops go above the resistance level and I'm hoping to catch a 1:3 on this one as price should come back down to at least 0.7126. Moving my stops to breakeven when price hits 2/3 of profit. Good luck everyone and as usual, hold your thumbs!
Short
by TheSupportResistanceTrader
GBPUSD: The Week Ahead (Day 5)On Thursday the GBPUSD broke a very important structure level around the 1.58 even handle. Since that moment I had to redo my I.P.D.E. and shift my focus from a potential short at that area, to a potential long to hop on the underlying trend. In yesterday’s update I told you guys that I was looking for a retracement and you know what it looks like we’ve got one, or are in the process of getting one. I initially thought we had a Bat pattern completion setting up but our “B” leg comes in a little too deep. So shifting back to harmonics and structure an AB=CD pattern would put us right at our previous outside return, which lines up right with that structure level that was broken earlier in the week. We have a minor Fibonacci retracement down there as well (for those using the CTS) but the main thing is structure at that key level. Could be a demand zone as well for those who are into that. Technically the “A-Kill” zone starts a little bit higher at the 1.5850’s levels, but I think the lower level will provide the least amount of risk. Either way if you’re a trend following trader and believe that this market is going to continue bullish then both levels would be buying at a bargain price. Hope you guys enjoyed this week of walking through a single chart. My question for you guys is next week would you like me to continue with this same pair, or pick something different? Please let me know and if there’s a pair you have in mind shoot me those ideas and I’ll pick one over the weekend. Have a great end of the week, and if you missed my ideas on USDCAD, GBPAUD and the Short Film that I shared representing the everyday battle that is trading. Make sure you check out my latest trading video. www.youtube.com Until next week traders, Plan Your Trade, Trade Your Plan and have a fantastic weekend! Akil Stokes Chief Currency Analyst at www.TradeEmpowered.com
Long
by Akil_Stokes
17
A Potential Buy Opportunity On GBPUSD At Potential Cypher CompleAfter the complletion of the Bat Pattern last week, bears came crushing the bulls. However, the momentum of the selling pressure is decreasing shown by the colour differentiation in the candlesticks. This potential bullish trade does provide a lot in terms of technicals: 1. There is a hidden divergence in place which indicates a trend continuation. 2. A potential bullish Cypher Pattern. 3. Support zone, price came testing this structure zone, then resistance turned into support now, prior to the break through by bulls indicated by the yellow squares labelled 1,2,3.At 2 bulls were not even aloud to test the resistance level. 4. Prior to the Cypher Pattern there will be a potential bullish AB=CD pattern, However, where I will be interested in this trade is at the bullish Cypher Pattern completion. # HAPPYTRADING
Long
by 6.1.8.Family
USDCAD: ABCD, BAT & MoreLINK TO VIDEO RECORDING: www.youtube.com We discussed this in my Live Trading room this morning and I'm a little late getting it out to you because I wanted to pair a video with it. But what we're looking at is a Bullish bat pattern completion on the USDCAD 4hr Chart. At that completion level we also have minor structure, Fibonacci ratio confluence, and multiple AB=CD patterns. I'll attach the video in the comment section as soon as it's done, but with a large stop/loss on this particular trade, I walked my live room members how to go about making the setup work for them.
Long
by Akil_Stokes
48