GBPUSD
Thesis: Good morning Traders, This is just on my radar. I'm looking for a 1 to 1 completion at an area of challenge which happens to be 61.8 of the main swing with 161.8 ext of the AB.
Order Flow and Price Action: Price did make a Higher Low on NSL retest then produced a Higher High which would lead me to expect some more Bullish movement. The Bullish swing looks to be gaining momentum while the bears have decreased in strength.
Expectations: Right now, I'm not sure if this will complete because the overall picture is bearish and price seems to be having some trouble getting over 1.7125. But if Price can make it above the 1.7125 level I do expect Price to complete. If the PA looks to be weak then I'll take the trade.
Update : 0(800 Hrs Pacific Time) And just like that Bears show some strength.... Kind of looks like desperation to me tho. I'll have to re-evalute my analysis. To early to call another 1 to 1
http://icmarkets.ctrader.com/images/screens/Qlwwn.png
Thesis: Good morning Traders, This is just on my radar. I'm looking for a 1 to 1 completion at an area of challenge which happens to be 61.8 of the main swing with 161.8 ext of the AB.
Order Flow and Price Action: Price did make a Higher Low on NSL retest then produced a Higher High which would lead me to expect some more Bullish movement. The Bullish swing looks to be gaining momentum while the bears have decreased in strength.
Expectations: Right now, I'm not sure if this will complete because the overall picture is bearish and price seems to be having some trouble getting over 1.7125. But if Price can make it above the 1.7125 level I do expect Price to complete. If the PA looks to be weak then I'll take the trade.
Update : 0(800 Hrs Pacific Time) And just like that Bears show some strength.... Kind of looks like desperation to me tho. I'll have to re-evalute my analysis. To early to call another 1 to 1
http://icmarkets.ctrader.com/images/screens/Qlwwn.png