Nice and simple clean analysis on GBPUSD daily chart.
Diagonal rays have been respected for majority of the year, a breach of these rays suggest break out
The proportional clones give me an idea of the size of potential move.
Fibonacci retrace level based on distinctive High/low points from beginning of the summer.
Potential 61.8% reversal occurring, for the last 4 day candles price has continuously tested and failed to break this level, suggesting it will fall short.
Commodity channel index heading north but at a pivotal point.
Will seek entry on small TF's as usual.
Trailing stop initiated after visual short target complete, completion of proportional clone and back to 0% of fibonacci retracement level would equate to a "perfect" trade.
Good luck and happy trading :)
Diagonal rays have been respected for majority of the year, a breach of these rays suggest break out
The proportional clones give me an idea of the size of potential move.
Fibonacci retrace level based on distinctive High/low points from beginning of the summer.
Potential 61.8% reversal occurring, for the last 4 day candles price has continuously tested and failed to break this level, suggesting it will fall short.
Commodity channel index heading north but at a pivotal point.
Will seek entry on small TF's as usual.
Trailing stop initiated after visual short target complete, completion of proportional clone and back to 0% of fibonacci retracement level would equate to a "perfect" trade.
Good luck and happy trading :)
