The pound has been moving up nicely across the board but it looks like it's ready for a correction back to the trend line. The structure is similar on all pound pairs so keep an eye on them this week for signs of weakness.
I update my ideas as they develop so remember to follow to receive them. You can also follow updates via twitter (link via my TV profile)
Always wait for an entry set up before risking your money.
This is not investment advice - it is purely for educational and discussion purposes. Your Ideas, comments and questions welcome
Good luck Steve
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We've had a break of the upward trend so I'm now looking for a short entry. We also have divergence on the MACD which indicates a slowing of upward momentum.
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This looks like the breakout we've been waiting for. Remember never enter a moving candle - wait to ensure it does not retrace itself - then look for a flag to get involved
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I've drawn the last correction on this chart to give us an idea of what could happen - this type of "sideways" correction is difficult to trade profitably. Having said that I'm hoping that "Alternation" will apply and we eventually get a sharper correction. If you're in this it might be worth moving stops to zero and letting it take you out if we don't get the big move. No point being stuck in a sideways move. Just an idea - you must trade according to your Personal Trading Strategy.
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I've changed the trend line to take into account the sharp move up. It is now much closer to the current price. I'm still short on this because I think it will retrace some more before going long.
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On this 240 snapshot you can see price has retraced nicely back toward the daily trend line as predicted. Price may not go all the way down to the trend line so keep an eye open for the turn and long trade set up. I'll post here when i see it.
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Possible moves before we get a long set up
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Possible short trade before the big long
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We've had the break out = wait for the correct set up before looking for a long trade
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atefhussenn
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hola my friend where is your analysis of the other gbp pairs ???? @SteveNixon
SteveNixon
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@atefhussenn, I've updated them now. They all look similar - the pound is due a correction
terence101
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I hope it will start when oil is pushing up again and we can see the fall of GBPCAD & USDCAD together.