Get started

Forex market

GBP/CHF Surges as Bank of England Hikes Rates, Eyes 1.14000 Targ Following the Bank of England's decision to raise the Official Bank Rate from 4.75% to 5.00%, GBP/CHF is expected to see bullish momentum. The rate hike reflects a more hawkish stance from the BoE, which could attract investors to the Pound, strengthening it against the Swiss Franc. With this upward pressure, GBP/CHF may continue its bullish trend, targeting the 1.14000 level as a potential resistance. Traders should monitor any follow-up commentary from the BoE for further confirmation of this upward movement.
Long
by ClearTradingMind
EURGBP Will Grow! Buy! Take a look at our analysis for EURGBP. Time Frame: 12h Current Trend: Bullish Sentiment: Oversold (based on 7-period RSI) Forecast: Bullish The market is trading around a solid horizontal structure 0.833. The above observations make me that the market will inevitably achieve 0.838 level. P.S We determine oversold/overbought condition with RSI indicator. When it drops below 30 - the market is considered to be oversold. When it bounces above 70 - the market is considered to be overbought. Like and subscribe and comment my ideas if you enjoy them!
Long
by SignalProvider
1
Examining the GBP/USD chart on the 4-hour timeframeHere is a detailed analysis along with suggested entry, take profit (TP), and stop loss (SL) levels based on a 1:3 risk-to-reward ratio. Analysis: 1. Trend Observation: The pair recently had a strong downtrend from late September, indicating bearish momentum. While it attempted to rally afterward, GBP/USD continues to show lower highs and lower lows, suggesting a potential continuation of the downtrend. 2. Key Support and Resistance Levels: Resistance: Around 1.3080 and 1.3150, where previous rallies have been capped. Support: Around 1.2870 and 1.2750, where the price has shown buying interest. 3. Potential Scenarios and Setups: Bearish Scenario (Continuation of Downtrend): GBP/USD could move lower if it fails to break above 1.3080 resistance, which would confirm continued selling pressure. Signs of bearish continuation patterns around this level would support this setup. Bullish Scenario (If Price Finds Support): If GBP/USD holds above the 1.2870 support level, a short-term retracement could occur. Watch for bullish reversal signals around this area to confirm a possible pullback. Strategy Summary: 1. Risk-to-Reward Ratio: Both setups have approximately a 1:3 risk-to-reward ratio. 2. Market Confirmation: Wait for confirmation patterns, such as candlestick patterns, near the entry levels before entering. 3. Economic Event Monitoring: GBP/USD can be influenced by key UK and US economic data, as well as any developments on interest rates or economic outlook from the Bank of England and Federal Reserve.
Long
by ShariarsLife
Examining the GBP/USD chart on the 4-hour timeframeHere is a detailed analysis along with suggested entry, take profit (TP), and stop loss (SL) levels based on a 1:3 risk-to-reward ratio. Analysis: 1. Trend Observation: The pair recently had a strong downtrend from late September, indicating bearish momentum. While it attempted to rally afterward, GBP/USD continues to show lower highs and lower lows, suggesting a potential continuation of the downtrend. 2. Key Support and Resistance Levels: Resistance: Around 1.3080 and 1.3150, where previous rallies have been capped. Support: Around 1.2870 and 1.2750, where the price has shown buying interest. 3. Potential Scenarios and Setups: Bearish Scenario (Continuation of Downtrend): GBP/USD could move lower if it fails to break above 1.3080 resistance, which would confirm continued selling pressure. Signs of bearish continuation patterns around this level would support this setup. Bullish Scenario (If Price Finds Support): If GBP/USD holds above the 1.2870 support level, a short-term retracement could occur. Watch for bullish reversal signals around this area to confirm a possible pullback. Strategy Summary: 1. Risk-to-Reward Ratio: Both setups have approximately a 1:3 risk-to-reward ratio. 2. Market Confirmation: Wait for confirmation patterns, such as candlestick patterns, near the entry levels before entering. 3. Economic Event Monitoring: GBP/USD can be influenced by key UK and US economic data, as well as any developments on interest rates or economic outlook from the Bank of England and Federal Reserve.
Long
by ShariarsLife
GBP/JPY 144M chart with an analysis of the key levels1. Elliott Wave Analysis and Structure The chart appears to be tracking a complex Elliott Wave pattern with clear labeling of impulse and corrective waves. Wave III and IV are prominent on the chart, indicating that the current movement may be within a broader impulse wave structure, likely aiming towards completing Wave V at higher levels. Wave 1 Invalidation Level at 199.240: This level is crucial as any move below this would invalidate the current wave count, which expects price to rise in Wave V without dipping below Wave 1's territory. 2. Fibonacci Levels and Extensions Key Fibonacci Extensions: 3.618 Extension at 207.390: This is the highest extension marked, suggesting a potential overextended Wave V target. 2.618 Extension at 205.421: This level is marked for a diagonal Wave 5, providing a likely resistance level and a target for a possible reversal. 2.236 Extension at 203.952: Labeled as "Volume Divergence by Wave 5," this level indicates where volume divergence might emerge, signaling weakening momentum and a potential reversal. Retracement Levels: 0.272 (202.172) and 0.382 (201.240): These retracement levels provide support within the corrective structure of Wave IV. They mark areas where price could potentially consolidate before moving higher to complete Wave V. 0.618 (199.240): This level is noted as a critical support level. It also serves as the Wave 1 invalidation point, reinforcing its importance as a support that should hold if the bullish wave count remains valid. 3. Volume Divergence and Inducement Zones Volume Divergence by Wave 5 (at 206.888): Located near a significant Fibonacci extension, this indicates that although price may continue higher, a reduction in volume could hint at a weakening bullish momentum. Inducement Zone (2.618 at 204.375 for Wave 3): This inducement area acts as a potential target for Wave 3, where traders might look for an initial breakout or reaction as it aligns with a higher extension level. Conformation Zone at 2.236 (203.224): Marked as a confirmation area for Wave 1-5, suggesting that this could act as a validation zone for continued bullish movement if price holds above it. 4. Invalidation Levels Wave 2-B Invalidation: An invalidation level is noted around the bottom of the corrective phase, signifying that any drop below this would invalidate the expected bullish move in Wave V. Wave 4 Invalidation: The corrective Wave IV must not extend too low (below the noted retracement levels), or else the structure may shift into a deeper correction rather than maintaining the bullish outlook. 5. Strategic Price Levels Resistance Levels: 206.889: This is noted as the invalidation extension above Wave 5, marking a potential high where price might encounter resistance if this wave structure remains intact. 205.421 (Diagonal Wave 5 Target): As a common extension level, this serves as a natural target for price to complete the wave. Support Levels: 200.500 - 201.240 Range: This range includes retracement levels for Wave IV and is a key support area to maintain the bullish wave count. 199.240: Critical as the must-not-pass level for Wave 1. A breach here would invalidate the wave structure. 6. Channel and Trendline Analysis Ascending Trendline Support: An orange trendline runs diagonally, acting as a support line for the ongoing uptrend. This line aligns with retracement levels, suggesting that if price touches or respects this trendline, it could provide a buying opportunity within the context of the bullish structure. Diagonal Channel in Purple: The price movement within this channel helps in tracking the upward progress of Wave III to Wave V, with each retracement bouncing within the channel limits. 7. Projected Path and Trading Implications Primary Pathway: The chart anticipates that price will reach the 2.618 (204.375) and possibly 3.618 (207.390) extensions for Wave V. A break of these levels with volume divergence would be a signal for potential exhaustion. Wave IV Consolidation: Should Wave IV continue, traders may look to buy on dips near the 0.382 (201.240) or higher as long as the price remains above 199.240. Exit/Profit-Taking Zones: Traders may consider taking profits near 204.375 or 206.888 based on resistance levels, especially if volume divergence becomes apparent. Summary of Key Takeaways Upside Targets: The key upside targets are the 2.236 extension (203.952), 2.618 extension (205.421), and the maximum extension at 207.390. Critical Supports: Supports at 201.240 (0.382 retracement) and 199.240 (Wave 1 invalidation) are key for maintaining the bullish outlook. Volume Divergence: Potential volume divergence near the higher extensions could signal a weakening trend, marking a potential reversal or consolidation phase for GBP/JPY.
Long
by spacedevil
Trading NZDUSD | Judas Swing Strategy 05/11/2024Last week concluded with a 3% gain using the Judas Swing strategy, which yielded three trades in total: two on EURUSD and one on NZDUSD. The EURUSD trades resulted in one win and one loss, while the NZDUSD trade closed with a win. These results have set the stage for a thrilling week ahead in the markets, and we can't wait to see what unfolds! As usual, we arrived at the trading desk at 8:25 EST to delineate our trading zones. Once these zones have been marked we need to wait for the high or low of this zone to be swept, this step is essential to help us get a bias for the trading session. After 40 minutes, the liquidity at the high of the zone was swept, indicating that we should look for potential selling opportunities in this session. While we may lean toward a sell this session, we hold back from entering until we see a clear structure break on the sell side. During this shift, price should create a Fair Value Gap, giving us an optimal entry point to step into the trade. After an hour's wait, we finally got a Break of Structure on the sell side, which also resulted in a Fair Value Gap being created. To fulfill all the entry criteria on our checklist, we must wait for price to retrace into the Fair Value Gap that has formed, and we can only execute the trade once the candlestick has closed. After 10 minutes a candle entered the Fair Value Gap, indicating that upon its closure, we may proceed with executing the trade. By risking just 1% of our account for a potential 2% gain, we reduce emotional attachment, knowing the loss is manageable, while positioning ourselves for greater rewards. Shortly after entering, the trade went into a drawdown; however, since we had risked an amount we were comfortable with losing, the current state of the trade did not move us. Upon reviewing the position after some time, we noticed that the trade had started moving in our favor, although it hadn't moved much from the entry price. Given the average trade duration of around 11 hours for the strategy, there’s no rush, we simply need to wait for the setup to deliver as expected. While the trade didn't reach our desired outcome and we took a 1% loss after the stop loss was hit, we remained unaffected because we were fully prepared for this potential outcome.
by CleoFinance
GBP_JPN (110 Pips)Technical Analysis: Triple Resistance Test Failure Pattern Overview A significant bearish signal has emerged with the triple resistance test failure, followed by a key reversal pattern at a high pivot point. This formation suggests increased selling pressure and potential trend reversal. Key Technical Elements 1. Triple Resistance Test - Price made three distinct attempts to break above resistance level - Each attempt showed progressively weaker buying momentum - Final rejection demonstrates strong selling pressure at this level 2. High Pivot Point Formation - Created at the peak of the third resistance test - Represents a critical turning point in market sentiment - Historical significance as a major price level 3. Bearish Engulfing Pattern - Large bearish candle completely engulfing previous bullish candle - Occurred at a crucial technical level (High Pivot Point) - Significant volume accompanied the pattern, validating its importance Technical Implications - The failure of three consecutive attempts to break resistance indicates strong overhead supply - The bearish engulfing pattern at the pivot point suggests a potential trend reversal - Expect increased selling pressure in the near term - Previous resistance level now likely to act as strong resistance for future attempts Risk Management Considerations - Short positions should consider placing stops above the high pivot point - Long positions should exercise caution and potentially reduce exposure - Volume analysis crucial for confirming strength of the reversal Conclusion The combination of a triple resistance failure and bearish engulfing pattern at a high pivot point presents a compelling case for bearish sentiment. Traders should monitor volume and price action closely for confirmation of the reversal signal.
Short
by NYHTSTAR
AUSSIE STRENGTH OVER THE CANADIANS?Commodity Prices: Both Australia and Canada are major exporters of commodities, particularly metals and energy. If there has been a rise in commodity prices (such as iron ore, oil, or copper), it can benefit the Australian Dollar (AUD) if these prices are moving in Australia's favor. For example, if oil prices (which directly affect the Canadian economy) have dropped, it could hurt the CAD, making the AUD relatively stronger. Economic Data: Positive economic data from Australia (like strong GDP growth, employment figures, or retail sales) can boost the AUD. Conversely, weaker-than-expected economic data from Canada (such as lower-than-forecasted GDP growth, inflation figures, or trade balances) could make the CAD weaker and lead to a stronger AUD/CAD.
Long
by MarshallJay
Trade 3: GBP/USD - SL Hit - 0.05% from entryThings that might went wrong technically: 1. The price did not close below the 0.5 Fib retracement level while moving down from resistance, instead it took support at 0.5 fib retracement level. The same level also happened to have buyers' liquidity which is shown in red circle. 2. In 15min time frame, while the price was moving down from last few sessions, the EMA cross under occurred when the price was either below the Medium HMA or when the Medium HMA was above Shorter HMA. But when the trade was entered the Shorter HMA was above the Medium HMA. 3.In 5min time frame, while the Medium HMA was above the Shorter HMA and price, predicting a downward movement. In 15min the Shorter HMA was already above the Medium HMA, indicating an upward movement in 15min timeframe. So, it's better to enter trades in the direction where the overall MAs are moving, through finding the cross over or under according to the existing cross in higher time frames.
by MyWayofLookingThings