While GBP/USD has formed a new high this week and invalidates my forecast, I am going to look back to the bigger time frame to plan my next actions.
Monthly and Weekly Chart Outlook:
Short Term Bullish towards 1.6700-750 resistance.
Expect double top resistance hit hard! And bring GBP/USD down to 1.5500 again.
April'2011 High recorded 1.6746, watch it!
After 5 days of continuous up up up days, GBP/USD finally marked a new high, and on both Thursday and Friday, GBP/USD create a healthy correction, it has corrected to 1/3 on both Thursday and Friday.
Like what I have mentioned earlier, GBP/USD has formed a inverted head and shoulder and the up up move is going to end soon, so... I am gonna ride the north train before the market collapse. :)
I am not able to get a good entry to long, short term bullishness towards 1.6700 region.
4 Hour Chart
Current Support at 1/3 retracement level 1.6450-480.
I aim to hunt for Long opportunity when the wild cat touches EMA50 on 4 Hour chart, which is a strong support at 1.6380-400.
EUR/USD forecast... stay tuned.
How did you see the inverted H&S on the daily?
ReplyDeletehi Gerald, marked with blue:
ReplyDeletehttps://lh4.googleusercontent.com/-FKR5EZZTvS4/TlC900pcfRI/AAAAAAAAFQw/wV1XhHwNJ3Q/s912/08-20%252520GBPUSD%252520D.jpg
As to what I understand, when the market is a bullish trend, we only look for H&S. If it is a bearish trend, we only look for inverted H&S. Pls double confirm with your sifu JC. I may be wrong.
ReplyDeleteGerald,
ReplyDeleteHope that we have a ''tag'' function here in blogger :)
Just Google-d:
http://www.chartpatterns.com/headandshoulders.htm
So glad that you being my senior and still so humble, and you are right!
"The head and shoulders pattern is generally regarded as a reversal pattern and it is most often seen in uptrends."
Up-trend or downtrend depends on the timeframe we are trading.
Thanks for coming, and thanks for your enlightenment! :)
NP. We will always learn from people around us. G'luck!
ReplyDelete