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GBPUSD : Two scenarios for next week (trendline bounce or break)Hey everyone ! Based on the datas, we're actually at a key level. The first scenario would be that it bounce on this trendline and keep rallying, as stochastic is oversold and this was always a great opportunity to buy the dips. Hence it could engulf all the bearish momentum of last friday and find a target above the last higher high or in the second scenario which is bearish, price would break this trendline. Therefore indicating a clear trend reversal using the double top pattern, offering a nice bearish setup with target at 1.22000 I have no preference for one or another scenario, i just trade what i see. therefore during market open ill consider the bullish scenario. but if during the next hours it end up breaking the trendline, i would change my mind and opt for the plan B. I consider this is an optimal place to hedge, since both plans have a high Risk:Reward ratio. or being attentive to price action around this level Tell me your toughts in the comments. And dont forget to press the Like button if you think this idea was helpful ! Best wishes for a great week ahead.
by Thomas_Zito
1
GBPUSD Bearish Divergence, Shorting Chance for Swing Traders Hi as we can see in this Daily chart that we have reached a consolidation area in GBP where we are now reneging in a monthly resistance Zone and there are total of two Bearish Divergences forming with MACD, where MACD is making Lower Highs and Market is Making Higher High which is a sign of trend reversal and end of the GBP bullish Rally and start of a retracement or even a trend reversal. both Divergences are specified with Blue and Red Arrows on MACD and Market for better comprehension I have used Fibonacci retracement tool to find out the areas where it can retrace to. there are total of two divergences and two Fibonacci bullish waves I have specified two targets to achieve or two points to retrace the wave you can also see a Stop Loss level has been set on the chart so we can have some good Risk to Reward ratios (RR) Minimum of 3.5:1 up to our 1st TP zone and we can manage the positions by trilling our stop as the positions progresses First TP can give you 400 Pips Second TP can give you up to 1000 Pips enjoy. please comment me your opinions
Short
by BitonGroup
2
Long trade on NZDUSDI really like the looks of this setup. This is exactly the type of entry I like to see. A strong move into my entry with very little basing. The cleaner the move into entry, the easier time price will have of leaving the area. The only downside to this setup is that price tested the level already. I prefer fresh areas, however, since the test does not exceed 25% of my entry area, I feel comfortable taking this area again. My target is 72.687, but I no reason not to have a second target around 73.083. That is, if you have the patience. I see price basing around the 72.80 area. But it's totally up to you. If you want to take your profits and run, then one target should work for you.
Long
by MrBollinger