Interesting development this week. Big drop, lots of longs taken out.
1
Cable Update (GBPUSD)
- #453,483
- Jul 8, 2017 4:58pm Jul 8, 2017 4:58pm
- Joined Aug 2009 | Status: Reading the TAPE | 2,389 Posts
Without VSA, you're playing checkers while the Smart Money plays chess.
- #453,485
- Jul 9, 2017 2:21am Jul 9, 2017 2:21am
- Joined Jan 2010 | Status: The Voodoo Boodoo Club | 42,055 Posts
- #453,488
- Jul 9, 2017 3:58pm Jul 9, 2017 3:58pm
- Joined Dec 2015 | Status: Trader | 8,751 Posts
Are you tracking EURGBP this week? You may benefit from the folowing technical perspective.
On the H4 time frame, price action has been operating in a horizontal channel or range (bound by magenta-coloured horizontal lines) for much of June and it is presently at the distal part of the range. Although the last sessions on Friday led to a bearish candlestick, the order flow was under the control of buyers. If buyers are able to move price higher in the channel it may target around 0.88750, an overshot area in the channel. This may be followed by a pullback towards a mean value area before any further momentum to the upside can be expected. However, should price action fail to breach the channel to the upside, a southward move to retest support can be expected with an initial target being around the 0.87935 area; which is the origin of the most recent rally.
I may be wrong. Trade safe and prosper.
KP
On the H4 time frame, price action has been operating in a horizontal channel or range (bound by magenta-coloured horizontal lines) for much of June and it is presently at the distal part of the range. Although the last sessions on Friday led to a bearish candlestick, the order flow was under the control of buyers. If buyers are able to move price higher in the channel it may target around 0.88750, an overshot area in the channel. This may be followed by a pullback towards a mean value area before any further momentum to the upside can be expected. However, should price action fail to breach the channel to the upside, a southward move to retest support can be expected with an initial target being around the 0.87935 area; which is the origin of the most recent rally.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
