first time posting, so not sure if im doing this right, but the pair looks like a short from 8699…targetting 50 pips
looks like long now?!
[ul]
[li]double bottom
[/li][li]passed resistance of high between the two bottoms
[/li][li]currently retracing
[/li][/ul]
Go long on reversal candle around the 50/61.2 Fibonacci retracement level? That zone (0.8650-0.8680) falls in the same range as the support (former resistance) of the high between the two bottoms?!
Any thoughts?
Hi Trust, well I see the 240 fib support there, but unfortunately Im short from the daily res…so ill stay in until i get a 240 bullish candle formation. Only then will I consider a long. But the 60 still holding the trendline (I see the macd bullish divergence there though), its a waiting game.
The long term trend shown on the weekly is bullish. Note the test of the 61.8 at the weekly up trend line. We been going north since.
However I took a short trade this week after the market shows a reversal(maybe short term) when it test the daily down trend line followed by bearish reversal candle formation at the fib. 61.8(blue fibs).
I’m now looking for a bounce/reversal formation at the 61.8(brown fibs) where we also have past resistance now support at the current daily up trend line to enter long again. Also note that on the daily theres a bearish Gartley pattern, these are normally strong reversal patterns. so its possible we might get a good bearish run before the uptrend continues. Either way there will be opportunities to enter.
cool. thanks for the feedback. definitely will be watching this one.
It possible the bearish run has been short-lived as the market is now showing bullish reversal formation(Morning Star) at the 38.2 fibs on the daily time frame, note also we have past resistance now support at this level. Its possible we might see a break of the down trend line through-out this week, if his happens it will further strengthen my bullish bias. If the daily bar close as is I will be looking for LONG entries on smaller time frames.
Nicely done…morning star at the 382 240 support, then 30/60 head & shoulders pattern created, enter at the 618 support of that.
went long at 0.8739
I closed 50% of the position with profit. Will hold the rest with a stop of 0.8690 to see if this turns into a longer uptrend.
I am still in “long”. Fingers crossed!
Likewise. Note that the down trend line is now broken as anticipated, the market is now trading above it which is a good sign that this bullish run might continue. I have TP up at 9000.
Almost there. 0.8986 as per now. Top was at 0.8995 so far.
This was a good bull run I’m now looking for a retracement to enter long again seen that the market has reach resistance at the 161.8 fib. extension.
I took some profit (40%) at 0.8985. Too early of cause Retracement would come in handy now. Nice run so far.
I increased my EUR/GBP long position by 25% at 0.9010 after the BOE Minutes Release. Risky position as the retracement could continue. SL at 0.8970. Even a retracement to 0.8820 would keep the uptrand intact.
Also took up a small short position in GBP/USD. P 1.6388, SL 1.6500. First target is the resistance zone I see around 1.61. If that level gets broken, the head/ shoulders pattern on the daily gets confirmed (neckline broken) and a downward potential to 1.53 opens up.
Ohh, looking good so far.
I closed my EUR/GBP long positions today at 0.9195 with large profits.
I think in the short-term we have seen a top at 0.9300 and a retracement to 0.9000/0.9050 is possible. In the long run I still expect the GBP to be weak due to the UK fundamentals.
I am still holding on to a GBP/USD short position for now.
Nice one. I’m looking for a larger retrace to around 9000 to go long again. Theres past resistance at this level which could act as support, also it would be testing the up trend line at this level.