BRITISH POUND GBPUSD WEEKEND ANALYSIS WITH WEEKS EXPECTED MOVES
HAPPY SUNDAY TRADERS, TODAY IS THE DAY WHERE YOU GET A LOTTA ANALYSIS FROM VARIOUS TRADERS WITH VARIOUS TRADING ANALYSIS, STRATEGY AND OR TECHNIQUES. WELL I'M ALSO DROPPING A VERY POWERFUL GBPUSD ANALYSIS.
DISCLAIMER : I'M NOT SAYING THIS IS THE RIGHT WAY TO DO IT,NOR AM I SAYING THIS IS WHAT'S DEFINITELY GONNA HAPPEN, EXPECT INVALIDATION. IF ALL I'M ABOUT TO SHARE HIT STOP LEVEL....
STARTING FROM THE WEEKLY TIME FRAME(WTF) THE MARKET IS DOWN TRENDING, WE SEE THAT BY THE LOWER LOWS AND HIGHS. WITH THIS DOWNTREND OF OURS, WE SEE A DOUBLE BOTTOM, LEVEL MARKED "DEMAND" BECAUSE OF HIGH PROBABILITY REJECTION AS YOU CAN THE IMLPULSIVE MOVES CREATED FROM THIS LEVEL, A DOUBLE REJECTION AT A WELL RESPECTED LEVEL, @~1.20000 , WITH OUR LOWEST LEVEL AT @~1.14098 THIS REJECTION THEN CHANGED THE CURRENT MARKET STRUCTURE, TROM TRENDING TO SOME KINDA CONSOLIDATION, WE BASICALLY IN RANGE IF YOU LOOK AT IT MY WAY. THE PRICE SEEMS TO HAVE BROKEN OUR UPPER DESCENDING TRENDLINE ONLY TO GET REJECTED AT OUR RESISTANCE LEVEL, THIS REJECTION RESULTED IN THE FORMATION OF A BEARISH PIN BAR, NOW THIS IS A VERY IMPORTANT REJECTION, MAINLY BECAUSE THE PIN BAR GOT IT'S REJECTION MAIN BODY(SELL/RED) PRICE RESPECTED AND WENT DOWN, BUT NOT FOR LONG,(WHEN JOINING THE UPWARD IMPULSE FROM DEMAND WE HAD OUR MINOR ASCENDING TREND), BECAUSE IMMEDIATELY PRICE REACHES OUR BROKEN DESCENDING TRENDLINE, WE SEE A REJECTION BY, 2PIN BARS AND A FORMATION OF A BULLISH ENGALFING PATTERNS. KEY( THE MINOR ASCENDING AND MAJOR DESCENDING TRENDLINES CROSS).
DROPPING DOWN TO THE DAILY TIME FRAME(DTF) I FIRST SAW A FALLING WEDGE, CONNECTING POINTS 1234, CONFIRMED BY BREAK TO POINT 5, THEN DOUBLE RETEST AND BACK UP AGAIN. AND THEN AFTER TIME OF RUNNING THROUGH THE ANALYSIS, I ALSO SEE THE FORMATION OF AN INVERSE HEAD AND SHOULDERS, POINT 2 AND 6 BEING THE SHOULDERS AND 4 THE HEAD.
TO LOOK FOR TRADING OPPORTUNITIES I THEN DROPPED TO THE 4HR TIME FRAME, THERE I THEN ADDED THE FAMOUS TOOL, FIBONACCI RETRACEMENT, TOOK IT FROM LATEST LOW TO LATEST HIGH POINT 1, THIS THEN POINTED OUT THAT THE LATEST REJECTION WAS AT LEVELS OF 61.8% PRICE @~1.38940, NOW I PERSONALLY RESPECT REJECTIONS OF LEVEL 61.8% AND 50%.
IN CONCLUSION ALL THIS LEADS ME TO BELIEVING THAT THE BULLS MAY WIN THIS RANGE, THIS WILL BE CONFIRMED BY AN IMPULSE MOVE HENCEFORTH BREAKING THE 100% FIBONACCI LEVEL(OUR STRONG RESISTANCE) MAKING IT A SUPPORT, BULLS HAVING THIS LEVEL AS THEIR SUPPORT, CONFIRMS AN ASCENDING MARKET, UPWARD TRENDING.
DROP YOUR COMMENT
GBPUSD
GBPUSD
DISCLAIMER : I'M NOT SAYING THIS IS THE RIGHT WAY TO DO IT,NOR AM I SAYING THIS IS WHAT'S DEFINITELY GONNA HAPPEN, EXPECT INVALIDATION. IF ALL I'M ABOUT TO SHARE HIT STOP LEVEL....
STARTING FROM THE WEEKLY TIME FRAME(WTF) THE MARKET IS DOWN TRENDING, WE SEE THAT BY THE LOWER LOWS AND HIGHS. WITH THIS DOWNTREND OF OURS, WE SEE A DOUBLE BOTTOM, LEVEL MARKED "DEMAND" BECAUSE OF HIGH PROBABILITY REJECTION AS YOU CAN THE IMLPULSIVE MOVES CREATED FROM THIS LEVEL, A DOUBLE REJECTION AT A WELL RESPECTED LEVEL, @~1.20000 , WITH OUR LOWEST LEVEL AT @~1.14098 THIS REJECTION THEN CHANGED THE CURRENT MARKET STRUCTURE, TROM TRENDING TO SOME KINDA CONSOLIDATION, WE BASICALLY IN RANGE IF YOU LOOK AT IT MY WAY. THE PRICE SEEMS TO HAVE BROKEN OUR UPPER DESCENDING TRENDLINE ONLY TO GET REJECTED AT OUR RESISTANCE LEVEL, THIS REJECTION RESULTED IN THE FORMATION OF A BEARISH PIN BAR, NOW THIS IS A VERY IMPORTANT REJECTION, MAINLY BECAUSE THE PIN BAR GOT IT'S REJECTION MAIN BODY(SELL/RED) PRICE RESPECTED AND WENT DOWN, BUT NOT FOR LONG,(WHEN JOINING THE UPWARD IMPULSE FROM DEMAND WE HAD OUR MINOR ASCENDING TREND), BECAUSE IMMEDIATELY PRICE REACHES OUR BROKEN DESCENDING TRENDLINE, WE SEE A REJECTION BY, 2PIN BARS AND A FORMATION OF A BULLISH ENGALFING PATTERNS. KEY( THE MINOR ASCENDING AND MAJOR DESCENDING TRENDLINES CROSS).
DROPPING DOWN TO THE DAILY TIME FRAME(DTF) I FIRST SAW A FALLING WEDGE, CONNECTING POINTS 1234, CONFIRMED BY BREAK TO POINT 5, THEN DOUBLE RETEST AND BACK UP AGAIN. AND THEN AFTER TIME OF RUNNING THROUGH THE ANALYSIS, I ALSO SEE THE FORMATION OF AN INVERSE HEAD AND SHOULDERS, POINT 2 AND 6 BEING THE SHOULDERS AND 4 THE HEAD.
TO LOOK FOR TRADING OPPORTUNITIES I THEN DROPPED TO THE 4HR TIME FRAME, THERE I THEN ADDED THE FAMOUS TOOL, FIBONACCI RETRACEMENT, TOOK IT FROM LATEST LOW TO LATEST HIGH POINT 1, THIS THEN POINTED OUT THAT THE LATEST REJECTION WAS AT LEVELS OF 61.8% PRICE @~1.38940, NOW I PERSONALLY RESPECT REJECTIONS OF LEVEL 61.8% AND 50%.
IN CONCLUSION ALL THIS LEADS ME TO BELIEVING THAT THE BULLS MAY WIN THIS RANGE, THIS WILL BE CONFIRMED BY AN IMPULSE MOVE HENCEFORTH BREAKING THE 100% FIBONACCI LEVEL(OUR STRONG RESISTANCE) MAKING IT A SUPPORT, BULLS HAVING THIS LEVEL AS THEIR SUPPORT, CONFIRMS AN ASCENDING MARKET, UPWARD TRENDING.
DROP YOUR COMMENT
GBPUSDGBPUSD
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