LeeThompson97

LeeThompson97

See chart for fundamental and technical analysis. I have given a timeline of Brexit events and the reasoning for its effects on the Pound Sterling. The combination of technical analysis and a strong likelihood of a Conservative landslide (Soft Brexit) should see the GBP surge, and hopefully see GBP recover to its pre-Brexit highs.

LeeThompson97

Price has once again reached the bottom of a bullish channel. This has provided a key area of rejection. This provides a good opportunity for a buy as there is no indication that price will breakthrough. Ideally, targets would be at the top of the rising channel. However, there is a clear area of resistance midway up where a bearish trendline and line of...

LeeThompson97

The last candle closed with a major rejection of the trendline that has proven to be an area of resistance. This could be a good opportunity for a sell, however price is also at a smaller support trendline (in blue). With this in mind, it may be better to wait for price to be rejected by this line and then short at a higher price. The bias for this wedge is to...

LeeThompson97

Price has reached the top of a bearish channel. The last closed candle indicates a reversal, this is also in the same location as Fibonacci retracement zone (although I have not drawn this on). Stops can be placed above the trendline, my profit target is at the 116.238 area. This target is at the bottom of the channel, where the ABCD pattern finishes and where...

LeeThompson97

Price has touched the bearish trendline (blue) 3 times now, price has reached an area of resistance (as shown by the yellow box) and is also in a key Fibonacci retracement zone. Finally, on the daily timeframe we also have a reversal candle, which closed at the trendline. With this in mind, this is a great opportunity for a short as stops can be placed just above...

LeeThompson97

As shown by my recent trade setup (Linked to this idea), price broke out of a wedge and is now retesting the lower trendline. There is a key area of resistance that price has not broken yet (shown by the blue box), key fib retracement levels can also be found in the same zone, the lower trendline also falls within this resistance zone and finally there is a double...

LeeThompson97

Price has reached a key resistance level and also has a closing reversal candle. Price is currently in an uptrend, but price is likely to retrace to the trendline. Stops can be placed above the resistance zone.

LeeThompson97

This is a good opportunity for an entry to go long. GBP/EUR is currently ranging in a bullish channel, price is currently at the low of the channel and so far has failed to breakthrough. Stops can be placed just below the trendline and targets are at the high of the channel. Resistance may be found at the bearish trendline that is forming within the channel (as...

LeeThompson97 Updated 

We are approaching the top of an upward channel, this key area of resistance is a good area for a sell opportunity. This is supported by divergence, that suggests that the next peak will be lower than the last - which would fall at the top of the trend line. Before placing a trade wait until the candle closes, if the candle closes outside of the trend line the set...

LeeThompson97 Updated 

We are currently at an area of resistance. Furthermore, we are at the key fib retracement level, providing an opportunity for a sell opportunity. We are currently in a downward trend and this price level provides a perfect entry for the continuation of that trend

LeeThompson97 Updated 

Tried to break 33.77 resistance zone 3 times and failed each time. This zone also falls in line with the fib retracement zone. Finally, the closing candle was an indecision candle and supports the idea of a sell at this level. Targets would be the bottom of the range that it is currently trading in (31.00) or 32 where we see consistent indecision.

LeeThompson97 Updated 

Place stops above the resistance zone. My profit target is the bottom of the trend line. We have touched this resistance level 3 times and still haven't broken through it. There is nothing to suggest that this time we will.

LeeThompson97

The top of the bearish channel is a good opportunity for a short position. This type of trade gives a good risk/reward ratio, stops should be placed outside of the channel. It is key that stops still allow price to move above the trendline and not be too close to the trendline, therefore the 0.85570 zone is a nice level for this. Targets could be the bottom of the...

LeeThompson97

Price has now fallen to the trendline (support). If price was going to breakthrough, we should have seen a big move down already, because of this and the fact that we have tested this trendline with no success of a breakthrough already, a long opportunity is in play. Stop loss can be small (below the trendline) and take profit is at the 1.25924 resistance zone.

LeeThompson97

GBP/JPY is now coming up to retest the trendline which was previously used as support. This provides a good opportunity to enter a short position at the retest, this area is also within the fib retracement zone and thus provides a strong bias to the downside. Wait for the candle to close before entering the trade. The ideal entry is where the fib zone and trendline meet.

LeeThompson97

If you take a look at the last USD/CAD opportunity I posted, you will see that price is currently dropping from the resistance level that was identified. I am in this trade from the resistance level I posted, however here is another opportunity for an entry into this trade. Price has a bias to fall to the downside after breaking out of the pendant - this will...

LeeThompson97 Updated 

We are currently at the top of a key trend line/resistance within a triangle, we have already passed the key fib levels that would lead to a retracement and possibly a sell opportunity. There is also major hidden divergence that could suggest a strong continuation out of the trendline. However, this needs to be supported by a strong candle close outside of the...