**Major Confluence Around 1.04877**
4h Break of Structure Retest
61% Fib
4h Resistance Level
4h Channel Resistance
Close to 4h Pivot Point
Looking for price action to show bearish reversal patterns around this price. SL is big! 60-65pips, however the potential reward could bring in 4X that amount with a 260 pip LONG TERM target that is determined by fib levels...
Multiple confluences line up a potential big move in the works. The correct stop loss ends up being 100 pips! So it could be good to keep an eye out for confirming candlestick patterns prior to taking this setup.
EG could be looking to resume overall daily downtrend after:
New Lower High
Wedge Breakout
Potential ABCD Pattern for long term TP
Looking to sell the 61.8% pullback to the broken wedge, pay attention to price action! Previous daily high is also an evening star which means this new lower high could be the retest.
For Swing Trade consider a daily timeframe of...
UJ has been unable too cross its current level and showing bullish price action, looking to go up and retest broken daily trend line and possibly even keep rising to retest broken structure.
Big bullish breakout of structure and a long bearish daily channel was met with strong resistance on daily structure level, fib levels line up nicely and if price action continues to show bearish signs this may be a worthy counter trend trade to pick up for the ride down to possible retest the broken structure.
EURUSD showing strong rejection on daily trend line resistance and structure level, looking for bearish reversal price action on a good risk/reward trade.
Possible breakdown of wedge patterns on smaller time frames, and rejection at 23% fib on daily timeframe indicates bears could push down to retest the previous low after a massive sell off.
Long h4 pin bar formed followed by inside bar formation at a high area and near important fib level. Waiting for break down of inside bar to short to the next daily fib zone and structure retest. Follow inside bar risk management rules if this trade plays out.
Broken structure on UC this morning followed by 61% pullback to 1h structure. Pivot point also in this key level. Risk manage short positions if hourly candle cannot break new high.
Confluences:
- Structure retest
- Pivot point
- Fib level
- EMA/SMA bearish
Alternatively, UC could rally into a sellers stop hunt to test the next fib level/1h key level where...
Gold broke out of a h4 triangle, came back to the break of structure to retest with a W and rally. Now we can look to buy gold on 1h structure upon bullish price action in this area, using small lot size with tight risk management since SL will need room for the trade to play out. Risk to reward is 1:1.45 if we follow the broken triangle formation...
I am publishing this post in order to be able to backtest and in turn sharpen my analysis, this is my perspective on GU for the next few days.
GBPUSD is forming a daily range which was confirmed with a bounce off the daily demand zone. Strong bullish support could rally price up to h4 key levels of 1.3010, 1.3110 and 1.3150, coinciding with fib levels 38%, 50%,...
