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Gpb

Pound vs. Aussie - Short Term Swing Trading Idea - 7 May 2022FX:GBPAUD is at the end of the correction phase and start forming good price action for the next week. Potential is over 250 pips to the zone of 1.7680. What is the supported thesis for the expected future uptrend on GBPAUD: - By Elliot waves price correction formation is symmetrical A-B-C - Symmetrical by a time A-C wave is a big indication that is corrective - MACD goes into negative territory and once dig for dipper correction will start the attack in green territory - Big bounce near 4.25 year low If you have any questions related to this trading idea I will be happy to provide you with answers.
Long
by TradingTie
GBPUSD bottomed. 1 month of uptrend ahead.The GBPUSD pair is flashing a strong buy signal today, as it is rising on the 2nd straight green 1D candle following a Double Bottom on the 1D RSI. Monday's low happens to be exactly on the Lower Lows trend-line (based on the recent December 08 Low) of the Channel Down that started in mid 2021. As a result, if the price closes above the 1W MA200 (red trend-line), then we expect a roughly 1 month rise towards the 1D MA200 (orange trend-line) again, within 1.3500 - 1.3550. As you see on the chart, the 1D MA200 has been the natural Resistance since the pair broke below it on September 16 2021 with two rejections already. On the other hand, if Monday's low is compromised with a 1D candle closing below it, we expect the price to seek the -0.382 Fibonacci extension instead at around 1.2750. Be ready to adapt and have your SLs accordingly. -------------------------------------------------------------------------------------------------------- Please like, subscribe and share your ideas and charts with the community! --------------------------------------------------------------------------------------------------------
Long
by TradingShot
3
GBPCAD Potential Bullish ContinuationWelcome back! Here's an analysis of this pair! COMMENT BELOW and let us know your thoughts or questions! **Currently a daily bullish impulse with a correction/flag formation into support at 7093. Consider a long if price bulls back near the zone and continues to reject. Recommend conservative stop loss placement below the zone. Keep this pair on your watchlist and enter when the entry criteria of your strategy is met. Please support this idea with a LIKE if you find it useful and Click "Follow" on our profile if you'd like these trade ideas delivered straight to your email in the future. Thanks for your continued support! Brian & Kenya Horton, BK Forex Academy
Long
by BKTradingAcademy
GBPUSD close to the Channel Down bottom. Buy signal.The pair has been trading within a Channel Down since April 30. Today it is rebounding after coming the closest to the bottom (Lower Lows trend-line) of the Channel Down since July 20. This is a short-term buy signal on its own with a 1.3750 Target (the short-term Resistance). On a more longer term perspective though, we can see a similar fractal developing as in April-May 2020 (green shapes/ Fractal (A) and (B)). If it weren't for the March 2020 COVID market crash, then Fractal (A) would have also traded in the extension of a Channel Down, as Fractal (B) does. That fractal was the bottom of that pattern and GBPUSD started a 12 month bullish trend then. So if the current Channel Down breaks to the upside, our firm's thesis is that the pair can extend the rise to at least the 2.0 Fibonacci extension (1.4400) before the next major correction. ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** -------------------------------------------------------------------------------------------------------- !! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !! 🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> Vergnes --------------------------------------------------------------------------------------------------------
Long
by TradingShot
4
NEVER TRADE AGAINST THE TREND - GBP USD BREAKOUT REVERSALThis summary of the recent rally on the GBP USD highlighted the important rule of never trading against the main direction of the trend. The only exceptions to this rule are 1. Reversals at Major Resistance/Support Consolidation Boundaries of the Monthly, Weekly or Daily Charts. 2. Reversals at Major Resistance/Support Price Points of the Monthly, Weekly or Daily Charts. In the absence of any of these scenarios, trading in the general direction of the Daily Chart is always your better choice. As you can see, there was a recent attempt by the market to start a Bearish Breakout from the Consolidation on the 4 Hour Chart overnight but this was short-lived. This movement was taken out by the Sharp Bullish Rally this morning in reaction to the sterling-positive outlook from the Bank of England. Essentially, the Bank of England stated that inflation was expected to rise to 2% which in the context of the current global pandemic and economic downturn is a very positive outlook for the British Economy. Statements like these are always positive for the currency in question and so the natural reaction of the market was to buy the sterling. Even in the absence of this statement , the GBP USD was always going to rally because of the fact that the Outer Uptrend Line was still holding, despite the break of the Inner Uptrend Line. So as long as the momentum of the market is still Bullish, trading in favour of the GBP is going to be the better option. First Strategy. Trade the False Breakout Reversal to Resistance of the 4 Hour Pennant. Exit and wait. Second Strategy. Trade the Breakout above the Resistance when the Uptrend is confirmed.
by shepherdduane
1