GBPUSD - Same Pattern again? - Swing Trading Idea
Updated
Hi Traders!
Technically the Market is in an Uptrend, because it is moving above the 200MA and also above the 50MA.
But we can see the market is making lower lows.
Key Areas:
Category:
- Repetitive Pattern
- Swing Trading
- Trendline-Break
Description:
This idea is based on repetitive patterns, as shown in the chart.
The market was moving in a Parallel Channel, then it broke out.
This Breakout was at the same time the beginning of the Retracement Move.
This Movement was supported by a Trendline.
This Trendline has been broken downwards.
The Price was then moving in another Parallel Channel.
This Parallel Channel has been broken up again.
Then the second Retracement Move started.
In this moment we are at the Trendline and the last high simultanesously!
So, if the bearish Breakout occurs, we will sell with the target at Suppport @ 1.22500.
BUT what if a Bullish Breakout occurs?
Easy:
We recommend to trade the Breakout on a closed candle, to avoid false Breakouts!
Thanks and successful Trading :)!
Technically the Market is in an Uptrend, because it is moving above the 200MA and also above the 50MA.
But we can see the market is making lower lows.
Key Areas:
- Resistance @ 1.26700
- weak Resistance @ 1.25300
- Support @ 1.22500
- Parallel Channel 1, 2 (+ potential 3) - descending
- Trendline 1, 2 - ascending, supporting
Category:
- Repetitive Pattern
- Swing Trading
- Trendline-Break
Description:
This idea is based on repetitive patterns, as shown in the chart.
The market was moving in a Parallel Channel, then it broke out.
This Breakout was at the same time the beginning of the Retracement Move.
This Movement was supported by a Trendline.
This Trendline has been broken downwards.
The Price was then moving in another Parallel Channel.
This Parallel Channel has been broken up again.
Then the second Retracement Move started.
In this moment we are at the Trendline and the last high simultanesously!
So, if the bearish Breakout occurs, we will sell with the target at Suppport @ 1.22500.
BUT what if a Bullish Breakout occurs?
Easy:
We recommend to trade the Breakout on a closed candle, to avoid false Breakouts!
Thanks and successful Trading :)!
Note
Here is the RED BOX, but in Big:
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