Going with the current daily trend, I like the pound long at this level. Long entry confirmed by the break and now a test of the counter down trend line on the 1H.
I am long as well…
looking for 1.63
Soooo what happened?
I banked lol…
Daily chart showing a break and test of the up trend line followed by an engulfing bearish candle. My short-term bias is short. Chances are the market will pull back to test previous support(128.50)
1H chart showing a break of the counter up trend line and a retest at fibonacci 61.8.
It seems we are in for a turn around here base on the previous daily bearish candle. It formed after a test of the fib 61.8 from the last daily swing and past support which is now resistance. If this level doesnt hold I’m looking to short again above this formation after the Gartley pattern is completed at 4. See chart attached.
The market break through both levels and also breaks the outer down trend line. My long term bias remains short, I will be looking for short term long entries seen that we are now in the buy zone of the broken trend line.
I like this pair long after the retracement to the past resistance level last week. My long bias is supported by the current daily trend, trend line, fibonacci and past R&S levels.
I like both pairs to continue in the up trend shown on the daily and possible break previous highs. Look for long entries on smaller time frames.
I like this pair to continue the up trend, a possible reversal at the test of the trend line which formed an engulfing bullish candle. I’m looking to buy on a retracement from a smaller time frame after a reversal candle formation. 4H chart showing anticipated bounce.
Similar setup on GU.
Daily chart showing engulfing bullish candle at the up trend line, a sign that the up trend might be contining. My entry comes after the reversal candle formation on the 1H time frame at the counter down trend line which is broken and tested at the fib. 61.8. See charts below.
We didnt get an entry on this pair as the price breaks through the fibs retracements and also breaks the low of the engulfiing bullish bar. My bias is still bullish until it breaks below the trend line.
The pin bar on GBPCHF, H4, that has tested the down TL looks very attractive. Did you enter there, Cadar?
No, I dont enter trades on pin bars, also the bar on my chart didnt close as a pin bar. The low is broken therefore you need to adjust the trend line. I still like this pair long but I’m waiting for a valid entry.
A simple entry here, break and test of the counter up trend line. Entry taken after bearish engulfing candle formation.
Hi Damion, could you post up your latest GC chart please, I want to see if you moved your A point down or left it where it is?
