yes yes yes
Cable Update (GBPUSD)
- #512,962
- Mar 1, 2020 4:00pm Mar 1, 2020 4:00pm
- Joined Dec 2015 | Status: Trader | 8,751 Posts
If you are tracking the GBPUSD this week, consider this technical perspective.
Recent price action on the daily time frame shows a decline in bullish drive after an evening star formation around the 1.33200 area on December 17, 2019. A resistance channel (blue) has been created from recent highs and we can expect price action to sway negatively should the channel hold. But we can expect a retracement into the channel in the early part of this week before any southward continuation, particularly after price action printed a candlestick with shadow on both ends on Friday, which indicates that bulls are still influential in the market.
On the H4 time frame, a bullish pullback was begun at the last 4-hr session on Friday. We can expect a bearish turnaround at the next area of value, which is much likely to be within the 1.28900/1.29700 zone (bound by magenta horizontal lines). I am bearish GBPUSD.
I may be wrong. Trade safe and prosper.
KP
Recent price action on the daily time frame shows a decline in bullish drive after an evening star formation around the 1.33200 area on December 17, 2019. A resistance channel (blue) has been created from recent highs and we can expect price action to sway negatively should the channel hold. But we can expect a retracement into the channel in the early part of this week before any southward continuation, particularly after price action printed a candlestick with shadow on both ends on Friday, which indicates that bulls are still influential in the market.
On the H4 time frame, a bullish pullback was begun at the last 4-hr session on Friday. We can expect a bearish turnaround at the next area of value, which is much likely to be within the 1.28900/1.29700 zone (bound by magenta horizontal lines). I am bearish GBPUSD.
I may be wrong. Trade safe and prosper.
KP
Do your homework, follow the footprints of smart money
- #512,964
- Mar 2, 2020 12:59am Mar 2, 2020 12:59am
- Joined Mar 2017 | Status: Trader | 1,378 Posts
PA Trading with EMAs & common Sense
- #512,965
- Mar 2, 2020 1:35am Mar 2, 2020 1:35am
- Joined Mar 2017 | Status: Trader | 1,378 Posts
PA Trading with EMAs & common Sense
- #512,966
- Mar 2, 2020 1:52am Mar 2, 2020 1:52am
- Joined Nov 2007 | Status: left CanaryWharf desk-tea break | 24,286 Posts
On-site guru & also FF member's' psychiatrist, when not drinking tea
- #512,967
- Mar 2, 2020 1:59am Mar 2, 2020 1:59am
- Joined Apr 2012 | Status: Stunning | 6,815 Posts
in wondering about yourself, you forgot what you came here to be part of
- #512,968
- Mar 2, 2020 2:02am Mar 2, 2020 2:02am
- Joined Mar 2017 | Status: Trader | 1,378 Posts
PA Trading with EMAs & common Sense
- #512,969
- Mar 2, 2020 2:13am Mar 2, 2020 2:13am
- Joined Mar 2017 | Status: Trader | 1,378 Posts
PA Trading with EMAs & common Sense
- #512,970
- Mar 2, 2020 2:15am Mar 2, 2020 2:15am
- Joined Apr 2012 | Status: Stunning | 6,815 Posts
in wondering about yourself, you forgot what you came here to be part of
- #512,971
- Mar 2, 2020 2:30am Mar 2, 2020 2:30am
- Joined Dec 2017 | Status: Trader | 30,688 Posts
yes yes yes
- #512,972
- Mar 2, 2020 3:00am Mar 2, 2020 3:00am
- Joined Mar 2017 | Status: Trader | 1,378 Posts
PA Trading with EMAs & common Sense
- #512,973
- Mar 2, 2020 3:06am Mar 2, 2020 3:06am
- Joined Mar 2017 | Status: Trader | 1,378 Posts
PA Trading with EMAs & common Sense
- #512,975
- Mar 2, 2020 3:17am Mar 2, 2020 3:17am
- Joined Apr 2012 | Status: Stunning | 6,815 Posts
in wondering about yourself, you forgot what you came here to be part of
- #512,976
- Mar 2, 2020 3:21am Mar 2, 2020 3:21am
- Joined Mar 2017 | Status: Trader | 1,378 Posts
PA Trading with EMAs & common Sense
- #512,977
- Mar 2, 2020 4:23am Mar 2, 2020 4:23am
- Joined Jul 2011 | Status: Lord Of War | 1,853 Posts
going up to 1.30 slowly
Early to bed, early to rise, keeps you healthy, wealthy and wise.
- #512,980
- Mar 2, 2020 4:57am Mar 2, 2020 4:57am
- Joined Aug 2018 | Status: Joyful and Proud | 2,001 Posts
Risk Management is of utmost importance!