GBPUSD Symmetrical Triangle SetupBe patient and wait to see what the price of GBPUSD will to and then place your order. Looks like a bear movement so far but like I said, patience and waiting will show us what to do. Get your orders ready!
Symmetrical-triangle
If the Symmetrical Triangle breakdownThis is my idea about bearish breakdown of in action Symmetrical Triangle.
Symmetrical Triangle - Wait for breakoutReasoning:
1) Wait for the breakout and take a trade towards that direction
2) If the pair breaks the support of the horizontal channel then look for a TP target on the S4 pivot
3) Notice the 3rd bounce was not as strong as the other 2 and then price consolidated which makes me think that maybe the bulls are taking a break and it's time for the bears to take over
TSS SYMMETRICAL TRIANGLE-daily time frame showing in uptrend showing strength
-intermediate time is showing symmetrical continuation pattern in uptrend..finding dynamic support on Long term MA
-volume showing positive volume pressure
-measured move shows potential to run to 59.84 which is .30 cents above previous resistance
if resistance broken-up onwards!
-looking for entry from 59.22 to 59.38 area if pullback occurs to trendline if not towards 59.50 area to play the breakout..watching price action
-will not enter if it breaks minor upward trendline
-risk reward = 3.12
-stop at 59.05/ price target 59.8x area
GBP/CHF Heading towards some critical levels now on GBP/CHF and expecting some big moves ahead and we have a few scenarios that are possibilities on where this pair is going.
Currently there is a lot of bearish bias on all GBP pairs so a break below the symmetrical triangle and another bearish leg to monthly support at 1.19260 is more than possible.
If we do break out of the lower TL i will be looking for a corrective structure to form and break on the 1H time frame in order to trigger a short entry.
Alternatively, we could see a bounce from the trend line and move back up to the upper TL in this structure for another leg up.
In order to get a long entry I will most likely wait until we break back above the midpoint support/resistance at 1.23400 and wait for a retest of this level in order to go long.
Remaining neutral for now and will react to what the market does either way.
For more trading related info head over to my instagram. - Link in BIO.
AUDJPY M15 Symmetrical TriangleAUDJPY
Too much blank space for Bulkowski symmetrical triangle, but other traders might not know.
Sell at cnfm break of bottom tl.
TP 76.50
Low grade trade.
WATCH for volatility and also continuance to channel bottom.
Historically, this position creates a minor sell before pulsing upwards.
GBPAUD - Targeting 2.0000 and BeyondSlight consolidation over the last two days from the election hype enabled a retest of the top side of the symmetrical to occur. This coincided nicely with the 50EMA and the 50% retracement level. Taking in the technicals, we're looking here to target the 2.000 level. However considering generally weak Aussie economic sentiment and a sigh of relief from the London after the UK elections, we could see this go further.
Symmetrical TriangleHere on the 12 hour chart we can observe a solidly formed symmetrical triangle. The widely held expectation is that we will see price break out bullish with target #1 at about $420. However, this pattern resolves in the direction of the overall trend- 75% of the time. A top-side breakout could signal the start of a bull market for bitcoin... or we could break lower with the current overall trend still bearish. In the event of a break out to the down side, there is the possibility for a Cypher pattern as strong support should be found at the $300 level. We will be watching with anticipation the price action to come. For a more robust explanation on triangle patterns, go here: stockcharts.com
FULL DISCLOSURE: My current position is short.
