Covered it with EJ. Done for today. {image}
hi guys...
I was looking at the charts and I wanted to share my view on GBPAUD for the next week...
First, weekly chart. Last week buyers tested a previous support that turned into resistance 3 times. Being unable to pass this level, the weekly candle ended like a spinning top and a possible evening star pattern. Other factors that make me think that the price will return from this level is the RSI and Stoch divergences (although not completed) and the fact that we are on the 5th wave of an up move.
Looking at the H1 chart, I see that price is compressed upwards forming an ascending triangle. And when I looked at the RSI, at each attempt buyers made to break the resistance level, the move was loosing strength. Although, I'm not good at reading the volume, the quantity at the 3rd attempt was less then the previous two attempts, which means that the buyers are not interested to move the price further than this level. In the light of these, I expect a final attempt to test the resistance level then a fall breaking the triangle downwards.
![Click to Enlarge
Name: 2015-02-08 18_10_19-54100_ Pepperstone-Edge04 - [GBPAUD,H1].png
Size: 111 KB](/attachment/image/1606610/thumbnail?d=1423411989)
So, I expect a bearish move, but down to which level? Then I look at higher lows on the left. Previous 2 HLs are tested once and acted as support. But the 3rd HL was not tested. It looks like a good level on H4, too.
![Click to Enlarge
Name: 2015-02-08 18_18_09-54100_ Pepperstone-Edge04 - [GBPAUD,H1].png
Size: 154 KB](/attachment/image/1606615/thumbnail?d=1423412416)
although none of us can predict the future, any comments are welcome.
I was looking at the charts and I wanted to share my view on GBPAUD for the next week...
First, weekly chart. Last week buyers tested a previous support that turned into resistance 3 times. Being unable to pass this level, the weekly candle ended like a spinning top and a possible evening star pattern. Other factors that make me think that the price will return from this level is the RSI and Stoch divergences (although not completed) and the fact that we are on the 5th wave of an up move.
Looking at the H1 chart, I see that price is compressed upwards forming an ascending triangle. And when I looked at the RSI, at each attempt buyers made to break the resistance level, the move was loosing strength. Although, I'm not good at reading the volume, the quantity at the 3rd attempt was less then the previous two attempts, which means that the buyers are not interested to move the price further than this level. In the light of these, I expect a final attempt to test the resistance level then a fall breaking the triangle downwards.
So, I expect a bearish move, but down to which level? Then I look at higher lows on the left. Previous 2 HLs are tested once and acted as support. But the 3rd HL was not tested. It looks like a good level on H4, too.
although none of us can predict the future, any comments are welcome.
- #647
- Edited 9:49am Feb 8, 2015 9:31am | Edited 9:49am
hi guys... I was looking at the charts and I wanted to share my view on GBPAUD for the next week... First, weekly chart. Last week buyers tested a previous support that turned into resistance 3 times. Being unable to pass this level, the weekly candle ended like a spinning top and a possible evening star pattern. Other factors that make me think that the price will return from this level is the RSI and Stoch divergences (although not completed) and the fact that we are on the 5th wave of an up move. {image} Looking at the H1 chart, I see that price...
I don't trade GA because of heavy spread, but I will try to share my point of view.
We need to remember that ascending triangle is a bullish formation, therefore I would wait for another confirmation such as triple top formation to go short. So significant level will be at line I drew, where you can see probable end of 'e' wave IMO. If price will bounce from that level, price should break ascending triangle also and go further north. If not price should go south as you said.
{quote} Thanks for sharing. I don't trade GA because of heavy spread, but I will try to share my point of view. We need to remember that ascending triangle is a bullish formation, therefore I would wait for another confirmation such as break of triple top formation to go short. So significant level will be at line I drew, where you can see probable end of 'e' wave IMO. If price will bounce from that level, price should break ascending triangle also and go further north. If not price should go south as you said.
- #650
- Feb 8, 2015 11:07pm Feb 8, 2015 11:07pm
- | Joined May 2014 | Status: Trader | 2,733 Posts
Donde hay Patron no manda Marinero
- #651
- Feb 8, 2015 11:10pm Feb 8, 2015 11:10pm
- | Joined May 2014 | Status: Trader | 2,733 Posts
hi guys... I was looking at the charts and I wanted to share my view on GBPAUD for the next week... First, weekly chart. Last week buyers tested a previous support that turned into resistance 3 times. Being unable to pass this level, the weekly candle ended like a spinning top and a possible evening star pattern. Other factors that make me think that the price will return from this level is the RSI and Stoch divergences (although not completed) and the fact that we are on the 5th wave of an up move. {image} Looking at the H1 chart, I see that price...
Isengoz and js, thanks for sharing.
Donde hay Patron no manda Marinero
- #652
- Feb 8, 2015 11:21pm Feb 8, 2015 11:21pm
- | Joined May 2014 | Status: Trader | 2,733 Posts
Donde hay Patron no manda Marinero
- #654
- Feb 8, 2015 11:29pm Feb 8, 2015 11:29pm
- | Joined May 2014 | Status: Trader | 2,733 Posts
Donde hay Patron no manda Marinero
- #655
- Feb 8, 2015 11:39pm Feb 8, 2015 11:39pm
- | Joined May 2014 | Status: Trader | 2,733 Posts
Donde hay Patron no manda Marinero
- #656
- Feb 8, 2015 11:57pm Feb 8, 2015 11:57pm
- | Joined May 2014 | Status: Trader | 2,733 Posts
See you next week. {image}
Donde hay Patron no manda Marinero
- #657
- Feb 9, 2015 12:42am Feb 9, 2015 12:42am
- | Joined May 2014 | Status: Trader | 2,733 Posts
Donde hay Patron no manda Marinero
- #658
- Feb 9, 2015 12:54am Feb 9, 2015 12:54am
- | Joined May 2014 | Status: Trader | 2,733 Posts
Donde hay Patron no manda Marinero
- #659
- Feb 9, 2015 1:00am Feb 9, 2015 1:00am
- | Joined May 2014 | Status: Trader | 2,733 Posts
Donde hay Patron no manda Marinero
hi guys... I was looking at the charts and I wanted to share my view on GBPAUD for the next week...
Early in the morning, I shorted GBPAUD as I planned. Now that the weekly gap is closed I took my stop to BE+1. It's a free trade now. I'm up about +75 pips at the moment. Let's hope it doesn't come back all the way up
see you later...