Riding the Bullish Tide on Pound-Dollar
Hello traders! Let's delve into the Pound-Dollar landscape and identify potential buying opportunities. 🇬🇧💱
📊 Weekly Chart Insights 📊
The bullish trend on Pound-Dollar persists, presenting a potential buying chance this week. On the weekly chart, the market retraced to the previous support level, respecting it at 1.2632. This could be a zone to watch for potential buying.
💡 Daily Chart Observations 💡
While the daily chart may seem like a potential head and shoulders setup, I personally refrain from this trade as it doesn't align with my filters and rules. Nonetheless, consider a buying option around 1.2608 if you're inclined.
🔄 Navigating Consolidation 🔄
A closer look at the four-hour chart reveals consolidation. This scenario can be advantageous for traders on lower timeframes like 1-hour and 15-minute, who can seek counter-trend opportunities or harmonic patterns within this zone.
📊 Charting Strategies 📊
Returning to the weekly chart, remember the key buying zone lies between 1.2595 and 1.2632. Respect for the 1.2595 level is pivotal. On the daily chart, a Gartley pattern surfaces, but I lean cautious due to an elongated shadow.
⚙️ Refining Entries ⚙️
For those seeking confirmation, explore the four-hour chart's retest for an improved entry and tighter stop loss. Conversely, a bearish Gartley pattern at 1.2838 could entice shorters.
🔍 The One-Hour Chart 🔍
Keep an eye on 1.2735 on the one-hour chart—a countertrend opportunity in line with higher timeframe trends. Approaching the sell zone, an opportunity might emerge.
📊 Weekly Chart Insights 📊
The bullish trend on Pound-Dollar persists, presenting a potential buying chance this week. On the weekly chart, the market retraced to the previous support level, respecting it at 1.2632. This could be a zone to watch for potential buying.
💡 Daily Chart Observations 💡
While the daily chart may seem like a potential head and shoulders setup, I personally refrain from this trade as it doesn't align with my filters and rules. Nonetheless, consider a buying option around 1.2608 if you're inclined.
🔄 Navigating Consolidation 🔄
A closer look at the four-hour chart reveals consolidation. This scenario can be advantageous for traders on lower timeframes like 1-hour and 15-minute, who can seek counter-trend opportunities or harmonic patterns within this zone.
📊 Charting Strategies 📊
Returning to the weekly chart, remember the key buying zone lies between 1.2595 and 1.2632. Respect for the 1.2595 level is pivotal. On the daily chart, a Gartley pattern surfaces, but I lean cautious due to an elongated shadow.
⚙️ Refining Entries ⚙️
For those seeking confirmation, explore the four-hour chart's retest for an improved entry and tighter stop loss. Conversely, a bearish Gartley pattern at 1.2838 could entice shorters.
🔍 The One-Hour Chart 🔍
Keep an eye on 1.2735 on the one-hour chart—a countertrend opportunity in line with higher timeframe trends. Approaching the sell zone, an opportunity might emerge.
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Live session & Trading Tips on the GO
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