The Weekly Time frame has a 38.2% Major Fib at 151.45. This is why we have been shorting so far this week.
Price pulled back nicely 38.2% tapping it 3 times before it fell and extended nicely to the 76.4% around 7670 for a decent 130+ pips
Price sold off from last week. Waited on a 38.2% corrective pull back as per my High Probability Momentum Strategy. Looking for extended levels down to around the 161.8%-176.4%
Currently in Wave 3 after a Wave 2 pull back to almost spike up to the 76.4% around $1.2250. Looking for the 161.8%-176.4% Fib extension around $1.1750 (ideally lower to the $1.17 38.2% of the bigger range).
Too many people this week have been trying to catch the bottom of this move losing money trying to go Long on Gold. Maybe now we bounce off the 61.8% back up. BUT IF we drop below, we will target $1600 around the 76.4% Major Key Level.
Let's go with one click of my mouse... I am the markets
Cable has done what we wanted since calling longs last year to $1.40s after Brexit had been sorted. Now it's rangebound at the highs. So can look to trade this range or patiently wait for price to make its next big move. There is certainly potential and scope for $1.50 so am sure Traders will be reviewing this providing USD Index remains Bearish this year.
Been trading in the range since yesterday. Continues to give very nice clean set ups. T1 hit @ $1725 then went in again to $1722 for a 50% correction.
Down a bit, up a bit, down a bit more, then up. Or take a closer look at my analysis & then some www tradeyourway.co.uk
Divergence still in play back to Previous Structure
Been quoting this sell off since last week. Today I posted the potential drop. Hopefully those of you who trade Bitcoin caught this sell off.
4hr Divergence Long. To be expected after testing the last major swing low around the $1760s.
And just like that, T1 hit 🎯🤷🏻♂️ on GBPJPY At which point, I would usually move SL to entry and take partial/half profit
Have been bullish to $1.40 since last year. Now we will see where to next
Divergence Showing across multiple timeframes for a short back to previous structure
Looking for any signs of profit taking/sell off back down to as low as around $42k which is previous structure from where price rallied out from. We have Divergence so may see a nice correction.