Hello everyone!
There is a potential opportunity here on GBP/USD, when the cypher will be complete.
On the Daily timeframe (sx) we can see the price go through some important support levels, and one of them, now turn to resistence, will be in the area of the cypher's D point. We also broke the last one on our left, and that is a possibile confirmation that the price want to go lower.
On the 4 Hour timeframe (dx) we can add some extra filter to the Cypher.
We have the 38.2% of the last impulse move on the Daily timeframe, plus 2 extra filter on the 4 hour:
A Fibonacci extension of A-B and an inversion of B-C, all pointing in the same area.
We can use the PRZ for a trend continuation trade, based on the daily analysis, or we can just trade the cypher in the "classic way" with a first target at a 38,2% and the second at 61,8%.
What do you guy think?
There is a potential opportunity here on GBP/USD, when the cypher will be complete.
On the Daily timeframe (sx) we can see the price go through some important support levels, and one of them, now turn to resistence, will be in the area of the cypher's D point. We also broke the last one on our left, and that is a possibile confirmation that the price want to go lower.
On the 4 Hour timeframe (dx) we can add some extra filter to the Cypher.
We have the 38.2% of the last impulse move on the Daily timeframe, plus 2 extra filter on the 4 hour:
A Fibonacci extension of A-B and an inversion of B-C, all pointing in the same area.
We can use the PRZ for a trend continuation trade, based on the daily analysis, or we can just trade the cypher in the "classic way" with a first target at a 38,2% and the second at 61,8%.
What do you guy think?
Trade active
Note
First Target hit!
Trade closed: target reached
Reached the second target (61,8%)
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.