BXY trade ideas
POUND INDEXMaybe another long push is coming before the down move, waiting for it to reach the zone.
GBP index analysisSell till flag pattern full formation and long to the supply zone then sell off from there
BXY- British Pound Technical Analysis for WC 28-10-2019The British Pound had a similar trend as the Euro Index in last week's session but with a drop of -1.54% at the end of the trading week. The Index will be looking for support around 128.0 at the beginning of next week opening trades. The long term outlook is still bullish; however, it will need to remain above 128.0 to continue to the upside. The Index could continue down to around 126.9 if it fails at 128.0.
GBP INDEXWe are currently in the corrective phase
Price is completing Wave A
Wave A will be either the leading triangle or a 5 wave (impulse)
I see up trend for this chart
GBP INDEXWE HAVE 2 SCENARIO
1- FLAT
2-ZIGZAG
IF SCENARIO 1 IS CORRECT = FIRST ABC WAVE IS COMPLETED AND WE WAIT FOR ABC WAVE UNTIL START WAVE A
IF SCENARIO 2 IS CORRECT = WE HAVE 5 WAVE NOW AND SHOULD WAIT FOR COMPLETED 5 WAVE
GBP INDEXWE HAVE 2 SCENARIO
1- FLAT
2-ZIGZAG
IF SCENARIO 1 IS CORRECT = FIRST ABC WAVE IS COMPLETED AND WE WAIT FOR ABC WAVE UNTIL START WAVE A
IF SCENARIO 2 IS CORRECT = WE HAVE 5 WAVE NOW AND SHOULD WAIT FOR COMPLETED 5 WAVE
BXY - Hold to buy GBP continue- Daily:
+ Head & Shoulder occurs at wave 5 Elliot. =https://vn.tradingview.com/chart/BXY/FcQtLb3U/]https://vn.tradingview.com/chart/BXY/FcQtLb3U/
+ MACD divergence.
- H4, H1:
+ Indicator: MACD, RSI has a strong buy.
+ Price channel is broken.
BXY (among others) be scared... Cliff fall is entirely possible.MANY of the major currencies are close to breaking their floors.
They have no real support after this collapse...
This makes the USD incredibly stong (NOT a good thing)
Only do to the fact that it is the global reserve and every other currency is in free fall...
BE CAREFULL, BE PROFITABLE!
