Pattern intact on 6B
The Cypher pattern i was looking on B6 remains intact as it nicely stays between 121.4% to 1618.8%.
The trade ideal is the same just some updates on the chart itself.
6B1! trade ideas
Bearish on the pound!
The pound has bottomed last few months with a well defined high and low on a longer term basis. In the short term, there presents
a lot of shorter term opportunities. One of which is to short the near the channel high on the 4hour chart, or you can pick rallied into
short structure and you could also trade patterns. I just saw this Bearish Cypher pattern forming. I dont trade into futures on forex,
but i don't think there is any difference between spot or futures in general aspects.
I am looking to short GBP/USD when the opportunities present itself. Take note that in large range like this, i do not specifically bearish
or bullish. I'd just trade the side where it is convenient for me in terms of risk to reward and shorter term direction. Was i long previously?
Yes i was trading both long and short side. Just keep improving your analysis and somehow you will find some ideals and how to trade it.
Experiences definitely counts!
Pound/USD watch out for side ways and down trend break out.It has broken out the huge down trend nicely, I am going to sit my position on long side now.
However, by have low risk (cuts) I will be cusious on potential side way market.
Have a great day people~!
Bullish GBPWith what feels like constant negativity surrounding the UK and the GBP in general, it's easy to get caught up in the doom and gloom, so i like to refer back to the 6B from time to time which imo screams a buy the dip mentality in the GBP. Last months retest of the trend line and subsequent hammer reversal only enhances this sentiment and i think alot of the GBP pairs are getting close to a turning point for the next leg higher. Choose your levels and ride this pony.
Appreciate any thoughts and/or ideas
GBP: Wyckoff phase E mark-up has startedFollowing a Wyckoff evaluation of accumulation the Pound has undergone accumulation setting the cause for the mark-up in phase E.
GBPUSD long setupsWe're midstream on this range at the moment. Breakout over 1.30 would signal move to 1.3350-1.35 area. Alternatively, retest of 1.27 offers opportunity to go long at greater risk/reward. Close below 1.27 would negate view.
B6 FutureThis is one is running for a few weeks now. As long as the commercials are in the long hold position, this will run smoothly.
GBP Index Ideait looks like Tiangle not completed yet.. we mey have good short from the current levels for Pounds pairs
G6 FUTURES/GBPUSD Ascending Wedge Short Setup As we can see, price created ascending wedge short setup, there is also SOT formation which informing us that buyers are getting weak.. at 12 it was a large volume on the market so it was a signal that smart money are getting off and distribution is coming.. Sell a break of bottom trendline. I am expecting price will drop to first demand level around 1.2360 or 1.23250 on forex. Good Luck
BRITISH POUND index continue lowyar to finish wava 5 .Take care and good luck.
Thank you for your support
March British Pound creating a bullish ButterflyMarch British Pound is trying to create a bullish Butterfly pattern. Position BC still to be determined in the next week, then possible sell back to 1.1956. Gann Fan deterioration is developing here and 4/1 line could be support for retreat downwards if USD strengthens. False break out over the 20 day moving average is also possible if this market reaches 61.8 retracement of the BC leg.
British Pound Daily AnalysisA potential Elliott wave pattern forming from the start of the Brexit crash in July, we can see the proper Elliott wave formation thus far, potentially entering the 5th wave down. Also a Head and Shoulders pattern further agrees with a 5th wave push down, where we can see a Fibonacci cluster zone around the 1.21 support zone which was set at the October flash crash.
British pound - Buy setupHere we see an impulsive move up to start the week, followed by a pullback to the 61.8 Fibonacci level. Watching to see if price respects the blue trendline and continues a move higher. Also watching the red zones which are previous resistance + Fibonacci extension areas for potential take profit targets.
British Pound analysis - SellHere we see a few sell signals including:
- Head and shoulders forming, waiting for break of trend line
- price falling below the 13 and 21 EMA
- Fibonacci clusters/target zones at:
1.225
1.213
1.203
- Recent breakout of USD
Additionally, the bearish reaction to the better than expected retail sales release during this mornings London session, may indicate the overall bearish tone of traders on the currency.
British Pound hourly analysisHere we see price moving off of a larger time frame trend support line which is also a 78.6 Fibonacci retracement. If price breaks the green dash trend line, after a retest look to go long, if it fails to make a higher high and continues down, watch for a retest of the larger timeframe trendline or break for a longer term potential break down.
