GBPUSD, at support zone!Price is at a solid support zone with multiple hits. Monitor for a reversal pattern if price does not breakout of this zone.
However, if price does breakout of this zone, wait for a retest of the zone before entering a sell.
Poundsterling
GBPCHF: Classic Double Top Trade
GBPCHF is retesting a strong 4H resistance cluster.
within that, the price has formed a double top formation.
taking into consideration a local bearish trend, chances are high that the price will drop.
to short that zone wisely, wait for 1H candle close below 1.2053 level.
then short aggressively or on a retest.
the first goal will be 1.2024
if the market sets a new higher high, the setup will be invalid.
GBPNZD, break and possible retest.Price has broken above a 12H resistance zone, retested it as support once and has returned to this zone for a second time. Drop to a lower time frame and monitor for a reversal pattern. However, if price decides to break through this support zone, drop to a lower time frame and wait for a retest before entering a sell.
GBPJPY H4, possible 7th hit to trend line.GJ has been in an uptrend for a few months now on the higher time frames and has been respecting a 4 hour trend line. Price is currently going through its pullback phase and approaching this trend line for a possible 7th hit. This area is also in a clear support and resistance zone.
Monitor what price decides to do when it gets closer to the trend line. If price slows down and doesn't breakout of the uptrend, look for a bullish entry. However, if price breaks through the trend line, wait for a retest on a lower time frame before entering a sell.
GBPUSD | PERSPECTIVE FOR THE WEEKWith over 100pips against us since my last publication (see link below for reference purposes); The increasing risk of a No-Deal Brexit is beginning to reflect in market structure as momentum remains to the downside which is also aligning with my last week expectations. Breakdown of my Key level @ 1.33000 on Friday with an Engulfing Bearish candle sets the Pound for its first weekly loss in a month with a risk of further decline in the coming week(s) as I look forward to a retest of this zone.
Tendency: Downtrend ( Bearish )
Structure: Trendline | Breakdown | Support & Resistance
Observation: i. From a holistic perspective, the GBPUSD is sitting on an uptrend prevailing structure considering Bullish Trendline on our Daily chart.
ii. Since the price hit peak @ 1.35000 (a psychological level respected since Nov. 2017), we have experienced a downward spiral since the beginning of the month (Sept. 2020).
iii. Breakdown of my Key level coupled with a breakdown of the Temporary trendline (1.32000) is a confluence that could signal a decline in the coming week(s).
Trading plan: SELL confirmation with a minimum potential profit of 600 pips.
Risk/Reward: 1:6
Potential Duration: 4 to 10days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
NirvanaForex
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
GBPUSD STRUCTURE ANALYSIS| TRADING PLAN|
X GBPUSD broke up out of 3 year resistance
X Keeps bullish momentum
X Just broke new resistance>>>
X Long on pullback
X Targets on chart
X IF breaks small support>>>
X Setup invalid!
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GBPCHF: How To Catch a Pullback?
good morning, guys
GBPCHF reached a strong resistance of a rising wedge pattern.
taking into consideration oversold rsi with divergence on 8h/4h charts
and a double top formation with a confirmed violation of its minor support on 1h,
chances are high that the price will retrace.
to catch a bearish movement you can sell the retest of broken support or just enter aggressively depending on the desired r/r.
targets:
1.2037
1.2017
stop above the tops
good luck!
EURGBP H4, wait for retest before entering sell...This pair is currently in a downtrend and has been making lower highs and lower lows for approximately 1 month now. Price recently dropped lower than the most recent low. This signals to us that it's possible that price can pullback and retest this zone before continuing to sell. Drop to a lower time frame and wait for a reversal pattern to form before taking this trade.
GBP JPY SELL (POUND STERLING - JAPANESE YEN)Hi there. Price is forming a reversal pattern to change its direction. Watch strong price action at the current levels for sell.
GBP AUD BUY (POUND STERLING - AUSTRALIAN DOLLAR)Hi there. Price is forming a continuation pattern to the upside. Wait for the price to complete the pattern and watch strong price action for buy.
GBP USD SELL (POUND STERLING - US DOLLAR)Hi there. Price is forming a reversal pattern to change its direction. Watch strong price action at the current levels for sell.
EURGBP: Important Structure Breakout
Confirmed violation of strong horizontal support and new lower low lower close on a daily on EURGBP .
now bearish continuation is highly probable.
The next strong support is based on June's structure and 618 of the last bullish impulse.
0.8875 is the first goal for sellers.
In case of a further decline, the next goal will be 0.88 level based on spring's price action and 786 of the last bullish impulse
EURGBP: Important Structure Breakout
Confirmed violation of strong horizontal support and new lower low lower close on a daily on EURGBP.
now bearish continuation is highly probable.
The next strong support is based on June's structure and 618 of the last bullish impulse.
0.8875 is the first goal for sellers.
In case of a further decline, the next goal will be 0.88 level based on spring's price action and 786 of the last bullish impulse
GBPUSD | Rising Wedge,Expecting 1000 PIPs Bearish Wave..!!#GBPUSD (update)
Rising Wedge formation in 1D timeframe (Bearish Pattern)
From Last 26 Days, It's Been Consolidation Between S/R,
At the Moment, Bulls Looking Weak, If Bulls lost the Support (1.300), Expecting 1000 PIPs Bearish Wave in September.
Please like the idea for Support & Subscribe for More ideas like this and share your ideas and charts in Comments Section..!!
Thanks for Your Love & Support..!!
GBPAUD: Consolidation and Complete Indecision
GBPAUD is stuck between two key daily levels.
the price is consolidating within a wide horizontal trading range.
1.814 is the support of the range.
in case of a daily candle close below that,
the price will most likely drop.
target level will be 1.796
1.839 is the resistance of the range.
in case of a daily bullish violation of that,
the price may continue the July's bullish rally.
target level will be 1.853
also note that for intraday trading, you can short the market from the resistance of the range
and buy from its support.
currently the boundaries of the range serve as supply and demand areas.
good luck
GBPUSD, pounds best selling regionas seen on the chart, wave 5 was preceded with a triangle corrective pattern serving as wave 4.
An ideally, after the completion of an impulse the corrective structure began rapidly on the opposite direction of the trend,
Now we are selling wave 3 of the C leg of zig zag correction
GBP NZD SELL (POUND STERLING - NEW ZEALAND DOLLAR)Hi there. Price is moving impulsively to the downside. Wait for the price to form a continuation pattern and watch strong price action for sell.
GBPUSD Last bullish waveGBpusd is currently heading for wave 5 which will give us a room to short the pair after its completion. No one can say precisely yet where wave 5 will terminate but we expect a vivid count of a complete impulse that makes up wave 5 and a confirmation candle before we decide on this trade.
So I will wait till wave 5 completes.
GBPUSD - Higher highs and higher lowsThere is a clear sign that GBPUSD will test 1.3149 once again. the price has penetrated the resistance at 1.31200 once again and is clearly will break it if bulls support the breakout.
GBP-AUD STRUCTURE ANALYSIS|TRADING PLAN
The pair had broken out of the long term downward resistance line and is now consolidating below the resistance in the bullish triangle/flag.
Even though the pattern is bullish, it can break out either way, thus:
TRADING PLAN:
1-wait for the breakout, either way
2-make sure it is confirmed
3-Enter the position on the pullback, according to the direction of the breakout.
4-The ultimate targets are the support and the resistance.
Thank you for reading, like and subscribe and have a nice day!
GBPCAD: Structure Based Trading Plan
GBPCAD is trading in a local bearish trend.
on friday 4H structure resistance was reached and from that, we expect a bearish continuation.
the price formed a double top with a lower high formation on 1h, confirming the strength of 4h structure and
now we are looking for a bearish violation (1h close below) of its minor support 1.735.
as soon as the above mentioned condition is met we can initiate a sell order.
depending on the desired r/r you can sell aggressively or on retest.
our goals:
1.7312
1.7265
if the market closes above the current 1H structure high, setup will be invalid.
good luck
#GBPUSD Short Sentiments| #Bearish | 17-21AugIn upcoming week we will be focus on this pair for Short Opportunities !
