EURGBP Aug W.2: Long-term trend alert!Hi friends, I hope y'all having a profitable week ;)
Today, we're looking at a possible long-term trend that has a potential to reward us with +8%. These trade signals are derived from both the monthly and weekly. The monthly price is currently running in the bearish half a bats L1 that has last months price closed with a bearish reversal candle pattern that was followed by the current candle that is retesting the 3rd weekly key level and bearish crossed short-term m.a's to fully confirm the patterns 2 level trend. The weekly, on the other hand, has formed a bearish H&S pattern (that confirms the monthly's previous bearish reversal candle close) that has its price running in its accumulation phase above the neckline after it bounced off the 50 and bearish crossed short-term m.a's, signaling an upcoming 3 level trend. So, the monthly and weekly confirm each other for the drop, however, things can go south, meaning, the drop might not occur. With that said, let us see how the price will prove us right and wrong.
Bulls: -If the price bearish bounces off the Weekly H&S Neckline with a bullish reversal candle pattern that leads it to bullish rally to break and retest the 3rd Weekly Key Lvl/Weekly Neckline 3 together with the 50 and bullish crossed short-term m.a's, the price would've formed a bullish reversal pattern (probably a double bottom) that will dis-confirm our trades (proving use wrong).
Bears: -If the price bearish breaks and retest the Weekly H&S Neckline (1st trade signal) then continues to drop to break and retest the 4th Weekly Key Lvl (2nd trade signal), that will trigger what I call an "H&S A-E.3 signal" that fully confirms our trades anticipated 3 level trend (proving us right).
That's it for today. I hope you found value in this trade idea. If you have a different concept in mind, feel free to share it in the comments section, I'd love to know your thoughts!
Stay Blessed,
Spha Thwala.
