s you can see in this new established downtrend an attempt to break out of it failed at point (D) were it failed to make a new high on the second retest. We should see a pull back to the rectangle area were I will be looking for rejection to enter for a sell down to the next level of support.
As you can see from the recent uptrend point (B) failed to make a new high and since then we have had a lower low (C) and another lower high(D). I believe once we reach (E) we will see (C) turn into resistance giving us the opportunity to sell down to the next major level of support at 6500.
We have a nice bullish bat pattern forming on the 4 hour chart that would fit nicely in with my expectations for a GBP rally in the coming weeks
On the weekly chart, you can see strong support. The recent pin bar suggests that we should see buyers again attempt to push the price back up to the emerging declining trendline and possibly a new high. If we break the support level then further downside is likely. The COT report shows a jump in longs on the EURO for commercial traders, an indication that sellers...
The weak CPI data from the US yesterday has spurred some buying pressure in the GBP/USD. inline with expectations pre lim q/q GDP on the GBP has had no immediate effect but the longer-term trend on the GBP/USD. (Weekly, Daily) is to the upside. I would like to see a retracement of the up move yesterday to either 38% or 50% where there is a bit more confluence. A...
Sell AUD/USD as per the chart:- The price has crossed a major trend line and pressure is continuos to the down side
Sell as per chart. The trend is edging back toward major EMA's and a retracement on the recent uptrend to 50%
LONG USDCHF AS PER THE CHART / WATCH FOR TAKE PROFIT 1 AT THE FIRST MAJOR RESISTANCE. WHEN I TAKE HARMONICS EARLY LIKE THIS I ALWAYS TAKE 50% AT THIS AREA AND MOVE STOP-LOSS TO BE
This will probably be ready tomorrow if it works out. I don't take harmonics from B to C as it is to difficult to get an accurate stop loss and/or a stop loss that will give the best risk reward. I will however take a Harmonic pattern early from C to D. As you can see from the left hand chart (1 hour) we are starting to form a nice bat or crab pattern if B stays...
Although I didn't post this trade as viable now the time has past I thought I would post it so you can see why I didn't take it. A real shame as the Fibonacci levels on the harmonic are near perfect but the first profit target is to small. if it is not bigger than the stop lose then I don't take the trade. Hope this gives you some insight to harmonics. Although it...
Sell USDCAD as per the chart
Buy as per chart - read the daily analysis