GBPPLN bearish bias for Monday 7th May 2018Not going to bore you with lines and patterns. GBPPLN is going to be bearish on Monday 7th May 2018. Thank me when it does. Very unlikely chance it doesn't you get an easy haha moment. I will be bearish following the Daily Chart on this instrument.
The 5 and 50 is your friend.
SL: 4.84614 (Enough room to allow a test of previous high which is very unlikely)
TP 4.79145 (Going to the 50 SMA)
I am not a fortune teller so take these speculations as pure entertainment. Trading has great risk so trade responsibly.
PLNGBP trade ideas
Longs at GBPPLN weekly demand level around 4.65Forex exotic GBPPLN is rallying on the weekly and creating new demand zones for potential longs. In an uptrend supply imbalances are removed and demand levels and zones are respected. Very strong impulse creating a good looking weekly demand level around 4.65 price area on GBPPLN Long bias!
GBPPLN LONG The GBPPLN isn't always clean price action , none the less there is an area of resistance. I'm expecting rejection again of this level and price to move downward to create a double bottom and a "W" pattern. Price will then break the resistance level and I will look to bid on the retest.
If it fail to make the "W" then I still expect a clean push through the level and buy a rounded retest
LONG TERM BUY SETUPCurrent structure shows signs of reversal, Recent price action i consider as correction fom last impulse to upside marked as magneta arrow on chart.
MACD indicator shows signs of divergance on daily timeframe.
We are at the bottom of ascending channel started on beginning of 2010 year.
All abowe leads me to conclusion we will have e a nice rally in coming weeks on this pair.
BUY SETUPThis is long term setup and I assume will take few months to hit target.
We have a inv head and shoulders in development and 2618 setup therefore I expect trend reversal.
Peak for right shoulder is almost reached and 5.09000 - 5.12000 is good level to enter.
We have also form of falling wedge in right shoulder which is good indication of upcomig up move.
Targets as on chart.
GBPPLN Reversing from confirmed resistanceThe lower white trendline have been tested now 4 times. Still no break. When you see the volume on those break tests, it was low. No selling power. I am very bullish on GBPPLN. In general always been pleased trading PLN pairs. But we aware it's not the most traded, so progress can take days and weeks. RSI and MACD seem to slowly move upwards as well.