GBPUSD is Trading Near Resistance Areas

-

 By Deya Hroob


GBP/USD Daily Chart




GBP/USD is approaching resistance areas. The trendline and the resistance structure. In order to open long position, I need to wait the price to break above these resistance. If this happens my target will be : 1.4050 , 1.4120

However, if the price turns down from the resistance , the pair may fall again to 1.38 level again.

Trade Wise and Good Luck,

Comments

Post a Comment

Popular posts from this blog

Ethereum is Trading Inside an Ascending Channel

-
Image
By Deya Hroob This trade setup is based on daily chart. ETH/USD is currently trading in an ascending channel. How to trade this kind of channel? When prices hit the LOWER trend line, this may be used as a buying area. Put stop loss below the lower trend line. When prices hit the UPPER trend line, this may be used as a selling area. Put stop loss above the upper trend line. If you are a kind of trader who loves to trade breakout, you should wait a breakout to happen.  Simply, put a buy order above the upper line or a sell order below the lower line. Our trades will be more reliable if we have a closed candle above/below both lines. Good Luck,  
Read more

GBPUSD: Two Scenarios For Next Week!

-
Image
By VasilyTrader Its the update for my previous post on GBP/USD. On Friday we have not seen any strong movement and for now, it is clear that the pair is stuck in consolidation: from Thursday the pair is trading within 1.252 - 1.242 and market participants are waiting for some trigger. Next week pay attention to a breakout of the range. In case of a bullish breakout, the market will most likely continue a bullish rally following the current bullish trend . we will aim at the retest of the current high - 1.263 In case of a bearish breakout, the market may go lower and we will aim at 1.232 Let the market decide its direction and then just follow! I am still long-biased here based on the previous price action. but who knows... Good luck and have a great weekend!
Read more

EURUSD: Planning Long Entries For Next Week!

-
Image
By VasilyTrader On EURUSD chart we see a perfect example of how a trader can variate a risk: we have three perfect entry levels for long trade: 1.08 level - current structure (previous low) 1.07 level - current structure low 1.06 level - support of the major channel 1.06 level gives the safest long entry with a very tight stop and high potential reward. historical perspective is on our side here, and we see that after each test of the channel's support in the past, we saw a strong rally to the upside. 1.07 level is a moderate entry from a current structure low. here we play as a skeptic, not believing that the market is willing to push below the current low. 1.08 levels is an aggressive entry. here we assume that the market is way oversold already, and even if the current lows are close enough, bears are already exhausted. I am suggesting enter at least from 1.07 level but only after a good signal or try to catch the market from the support of the channel!
Read more

Ethereum Can Moves On Two Directions

-
Image
By Deya Hroob  Daily Chart ETH/USD is currently trading on an  uptrend line. The price finds support from the trend line and from moving averages . However, $250 level is proved to be the main hurdle for Ethereum, it triggered profit booking  that dragged the price back to the trend line. Now, we have to watch out the chart very closely since we should act as what market do, not what we like to do. Hence, there are two scenarios for the pair: Bullish scenario : We can go long only if the price penetrates $250 level. We can trade the retest of the broken price. Our first target is $290. Aggressive traders may trade when price touches the trend line with stop loss below the line. Bearish scenario : Ethereum will be negative if the uptrend line breaks down. To confirm the break down, we need a daily closed candle below the trend line, after which we can trade the retest of the broken trend. The first target for sellers is $190. Weekly Chart  ...
Read more

Weekly Chart Prevents me to Buy Ethereum

-
Image
By Deya Hroob Weekly Chart Weekly Chart The trend line is still bearish on weekly chart. The price has been rejected many times from it. However, the positive thing is that ETH/USD is currently trading above the moving averages, which is a positive sign.  If the price turns down from the current levels, a fall to the support $216 is possible. On the other hand, if bulls manages to break up the downtrend line, a move to $288 level is likely, thereafter $360. Hence, long positions should be taken only on a breakout of the trend line. Daily Chart Daily Chart On daily chart, the price is trading in range $250 as resistance and $216 as support. This chart goes perfectly in line with weekly chart as $250 level coincides with downtrend line. Wait the price to break up $250 level and go long. You can also buy on supports with using proper risk management.  Trade Wise and Good Luck,
Read more

Ethereum Choose Bearish Scenario

-
Image
By Deya Hroob As I wrote before in the last analysis about ETH/USD that it can moves in two directions. Yesterday, the pair broke down the trendline which is quite negative. Currently, it is trading around $220. There is a small support at $214 but if it is taken out the next support will be at $190. The broken line becomes resistance now. It's very important to know that the weekly chart of Ethereum is still bearish. And it will be bearish as long as the pair is trading below the downtrend line. Trade Wise and Good Luck,
Read more

GOLD (XAUUSD) TRADING PLAN!

-
Image
By VasilyTrader  Gold is stuck in consolidation on a daily chart.  We don't know how long it is gonna last and to which direction it will go next, however, we already have some clues to consider: Though the price keeps setting higher highs we see a clear rsi divergence (here I mean daily candle closes, not wicks), double top formation It is a perfect potential counter-trend trading setup: I have an alert below the underlined horizontal support, I am looking for a daily candle close below that to short the market on retest. Stop/targets are on the chart! In case of a higher high formation after a consolidation, I won't trade at all! Also, consider intraday trading within the underlined range. shorting from resistance, buying from support, till in ends :) Good luck! 
Read more

Ethereum Got Rejected from Strong Structure

-
Image
By Deya Hroob Ethereum got rejected from the strong structure today. It failed to penetrate this level for the past two weeks. Now, the trend line may offer us a good place to buy with stop loss below the trend line. Conservative traders may buy on a breakout of the $250 level. ETH/USD will turn negative if it breaks below the trend line. Good Luck, 
Read more

EUR/GBP is Trading in a Descending Triangle

-
Image
By Deya Hroob   This trade set up is based on a  daily chart.   EUR/GBP is forming a descending triangle in daily chart . This is a continuation pattern. Triangle pattern is a consolidation pattern that occurs mid-trend and usually signals a continuation of the existing trend. ( which is down in this pair). How to Trade such Pattern?   We should sell each time price touch the upper line with stop loss above the line. If you are a conservative trader, you may sell when price breaches below the support line. It's usual that price retests the broken support line, so if you missed the breakout, you can trade the retest. Good Luck,    
Read more

MANA/USDT, CHZ/USDT: Bullish Inverse Head and Shoulders Pattern

-
Image
  By Deya Hroob Bullish Inverse Head and Shoulders Pattern MANA/USDT Daily Chart Analysis The pair is forming an Inverse Head and Shoulders Pattern.  How to Trade Inverse Head and Shoulders Pattern? We have to wait the price to penetrate the neckline, and then go long ( Buying ). In MANA/USDT , if the price can go above the neckline, the target will be $1.10.   CHZ/USDT Daily Chart Analysis The same pattern is spotted on CHZ/USDT pair. If bulls could take the price above the neckline, our target will be $0.44. Trade Wise and Good Luck,
Read more