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GBPUSD - Same Pattern again? - Swing Trading IdeaHi Traders! Technically the Market is in an Uptrend, because it is moving above the 200MA and also above the 50MA. But we can see the market is making lower lows. Key Areas: Resistance @ 1.26700 weak Resistance @ 1.25300 Support @ 1.22500 Parallel Channel 1, 2 (+ potential 3) - descending Trendline 1, 2 - ascending, supporting Category: - Repetitive Pattern - Swing Trading - Trendline-Break Description: This idea is based on repetitive patterns, as shown in the chart. The market was moving in a Parallel Channel, then it broke out. This Breakout was at the same time the beginning of the Retracement Move. This Movement was supported by a Trendline. This Trendline has been broken downwards. The Price was then moving in another Parallel Channel. This Parallel Channel has been broken up again. Then the second Retracement Move started. In this moment we are at the Trendline and the last high simultanesously! So, if the bearish Breakout occurs, we will sell with the target at Suppport @ 1.22500. BUT what if a Bullish Breakout occurs? Easy: We recommend to trade the Breakout on a closed candle, to avoid false Breakouts! Thanks and successful Trading :)!
by swissmoneymakers
AUDUSD - When to sell? - Trade the Break!Hi Traders! As you can see the market is in a uptrend. The market was at first moving in a parallel channel. Then it broke out and was moving in a wedge. The major Level of of this was the Support at 0.62800. After that the market broke out of the wedge again. It is now moving in a parallel channel. There are two things we're looking for: - The break of the Parallel Channel - The area of the Resistance (orange box) If the market either breaks the channel or reaches the area, we are looking forward to sell. The target is the Support. We recommend to wait for a confirmation. Thanks and successful Trading :)!
by swissmoneymakers