I'm looking to see if the market retests the daily resistance point indicated, then pushes back down as indicated. My signal for entry will be a rejection candle at the level indicated or slightly higher, given the resistance is a zone not a line. If that triggers I'm going short with a possible 1:1.4 Profit-loss ratio.
Kindly share your comments on this idea.
For the GBPUSD, I am waiting to see a pullback from the level indicated as there doesn't seem to be strong buying pressure to break the resistance zone indicated. There is also a likelihood that market price may play around the resistance zone for a while before dropping. There are currently no candlestick patterns that indicate either a long or short probability...
As seen on the chart posted the GBPJPY is heading towards a tight consolidation, shown by the corridor of the top and bottom trendlines. There is strong resistance at 160.311 to 160.330. The stochastic is also overbought and has stayed that way for a while. What I'm looking for is correction or a break downwards, but not a major one, given the resistance zone has...
I'm expecting GBPUSD to rise to the previous zone of resistance as indicated on the chart, given the strong bearish pressure, we are likely to experience a continuation of the sell trend, see the sell position. Comment and share your thoughts on this idea.
On the daily chart, the AUDUSD is in a downtrend, the pullback seems complete and the downtrend may continue. Watch for this entry, also comment on the idea.
