British pound retraced to a Monthly demand zone (Purple line) now turned supply on the Daily chart. It is ready for the last drop don't miss out on this drop. R:R 1:6
Earlier today I caught a beautiful bullish setup. -A Bear trap formation followed by a higher low right on Monthly trendline. -Previous Month closed bullish. -Next Monthly level at 1.39027 Supply Zone. -Looking for longs only. -But be careful around the recent Daily Double Top at 1.38273 Supply Zone.
My Prediction of price movement in the next 2 months. IMO Cable is still bearish till 1.32508 previous supply zone. If M1 candle closes bullish, a new demand zone will have formed at 1.34698 area. Recently price rejected trendline connecting btn supply zones 1.32628 & 1.33710 respectively. Then moved to retest recent demand zone in that path at 1.38282. In...
- Yesterday's Bullish trade went accordingly and price reacted Bearish as expected. - Currently price seems to be in a kind of range best to enter a trade in either direction if price breaks out 1.38282 Monthly structure or below 1.37236 Daily Demand. - I expect a continuation bearish till 1.37236 Daily Structure where if price breaks & retests it we continue...
Monthly Structure(Purple Line/ Zone) Price formed an inside bar at monthly structure after a mini-bull run. Shorted R:R 1:3 A personal opinion.
*Monthly - Price hit M1 TL (Purple line) & next imediate M1 level is Zone 1.39056. *Weekly - W1 candles formed long wick rejection followed by Bull candle. *Daily - Price ranging within 1.36205 & 1.35434 Weekly price points (Green line) Price (D1) closed within 1.36205 so hoping to complete yesterday's Shorts at 1.35434 zone before Bulls defend & take it away probably.
* Monthly. -Previous M1 Candles closed below 1.27731 Pivot high. -Price broke 1.23106 Pivot Low but failed to retest. *Weekly. -Recently price formed lower high to 1.28222 directly below 1.27731 Monthly level (W1 Candles closed directly below it) *Daily. -Price approached and closed below 1.27731 Monthly level. *4 Hour -Bearish candles formed rejecting 1.27731...
* Monthly - Double Bottom * Weekly - Trendline from Monthly pivot low * Daily - Bullish engulfing formed * 4 hour - Continuation * 1 hour - Bullish Build up/Bear traps Order above Build up 1:2 R:R (Conservative) IMO
*Bearish build up on Daily T.F. into 1.36123 Demand Zone. *Shorts to 1.35551 Weekly Demand Zone. *Entry on 1 Hour T.F *Setup - Bull trap. * 1:2.5 R:R IMO.