tun13
Corporal
- Messages
- 82
Thank you Sir.
TMorning, everybody,
Situation on EUR stands well, now we're getting the sequence of grabbers on daily...
As we've promised, let's take a look at GBP. As you know we have long-term bearish view on cable, but in shorter term, it has some common issues with EUR. Cable doesn't have so bright bullish patterns, but upside action could continue for awhile here as well.
On daily we have bullish grabber, which has two meanings for us. First is, it suggests upside action, above recent top and we could use AB=CD 1.32 target and 1.3250 Fib resistance area as potential destination point.
When upside retracement will be over we will get "222" Sell and bearish action could be re-established.
Second, the low of the grabber is invalidation point of bullish scenario. Once it will be broken, we will start to watch for Butterfly "Buy" instead of "222".
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On 4H chart we have very similar picture to EUR. AB=CD pattern also could be finalized by wide butterfly "Sell". Also we have a kind of H&S shape here, but I suspect that it doesn't have too much chances to be completed, only if bullish scenario is going to fail. Because H&S is bearish reversal pattern, but market stands around the bottom by far, it is not the proper place for it. Finally, daily bullish pattern overrules intraday time frames. Thus, until grabber is valid, we're watching north.
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Following this logic, our task it find proper place for entry to minimize potential risk. It seems that 1.2860 5/8 support is good enough for this, if we will get AB-CD retracement down. Also we will get "222" Buy here.
View attachment 39245
