BXY trade ideas
GBP LongGBP long based on fundamental, supported technical as expected last wave in a 1 year long trend
British pound falling...British Pound has been in a free fall since 2008. A year a ago (January 2017) it started doing a retrace and pulled back to the fib level. It didnt manage to establish itself above the fib level forming a double top. Now it started falling again. Expect a significant drop (the size of double top formation - from neck to top) when it breaks through a yearly trendline. That should happen in a few days. Today (28.04) it dropped massively forming a gap (if you look at normal candles, I used Heiken Ashi in this chart). A falling gap (window) is a sign of further bearish trend. Tomorrow it might slightly pull back into ATR channel (today it fell out of it). And in a few days we should see a further ride down. Prepare for for more GBP pairs sales esp. against traditionally strong currencies as safe haven JPY or gold driven AUD.
BXY Little long for 2 or 3 days and short ideauptrend trendline has been violated. pullback is coming, then big short
BRITISH POUND INDEX.Wait for the breakout or breakdown from the pennant for an indication as to whether or not we are going to test the top or bottom of the channel.
BXY- GBP INDEX- up in 15 min I have made analysis on GBPUSD before... and DXY analysis too...and it looks like BXY is going up DXY going down , so GBPUSD going up.
Please refer to below link i have provided for more information...
BXY - GBP extremely Bullish - High risk reward tradeBXY - GBP extremely Bullish - High risk reward trade
If the Bank of England rise interes rates we will see a nice BatThis trading idea is only valid if Bank of England rise interest rates. In the mean time will be moving inside that yellow channel. Be patient and wait for thursday.
BXY Weekly updateConfirmation of a completed wave 4 has yet to be confirmed. AO cross below 0 confirms the completion of the 4 wave weekly. Channel traders can use a channel brake for confirmation. Wave 1 equality and fib 1.618 extension gives us a projected price of the 114-113.6 area. Our trade zone will be the blue box to protect us from a truncated fifth wave. At that point protect your short positions with good trade management that will also allow you to exploit the maximum of the fifth wave projection. I will be looking for short opportunities in GU to trade pound weakness. Combined with projected dollar strength GU can be giving us some high probability opportunities.
CXY and BXYCXY high probability on its way to fill the gap
BXY No trade set-up yet...but its trying. and has a gap fill also
I think the picture is more clear here:still a Butterfly patternI already made a bearish forecast for the GBPUSD but maybe with the BXY can explain my point clearer. In march 27 I made a forecast of a Cypher pattern, but it really was a Butterfly, anyway it was a great trade.
For now, in the chart you can see the rising wedge we had been trading in between those gross pink lines since early 2017. The most important thing, is that after thursday election + DXY bullish correction, we can expect the BXY to feel some weakenes in next weeks due political uncertainties about Brexit results and negotiations. Just a guess....
For this trade our EP will be 127.000 SL 127.800, TP1 will be 0.618 fibo retracement for 125.000 and TP2 or 123.200. dont be greedy and take your profits 1 by 1.
GBP Sterling Index: Either way the next break is worth followingGBP: Sterling Index BXY: GBP is caught in a near term tight decision range: when it breaks, probably as early as tomorrow but doesn't have to be, it will be worth following via USDGBP
$GBP Bearish Bias in the Pound this weekCan we keep the pound contained within its bearish channel? If so, expect some powerful bearishness. Only bullish above recent highs.
