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When a equidistant channel is perfect like EURGBP, how can you trade it?

I posted about this ED channel in twitter just now.

 

What led me to search for this ED?

Well, I always remember key levels, important pattern. So I didn’t search for it. But this bullish monthly close was a give away, which made me realised that #eurgbp might be temporarily bullish.

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Bullish monthly candle close – always look out for a close (bull/bear) for important market shift

 

How about lower timeframe?

There was a big move and I’ve also mapped in 1234

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Big move, bullish expansion

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1234 seen

 

Still a down, do note overhead resistance

EURGBP is still a downtrend, however, if it can successfully day/week close above red channel drawn, then there might be chance for blue resistance to come it. It is not the first post that I’m bearish on GBP.

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Potential resistance; if above first R (ED) then have chance for second R (blue lines)

It is not the first post that I’m bearish on GBP See my twitter posting few days ago

 

Updated 14 Sep 2015 7pm, where Singapore is really hazy

Currency hasn’t really been moving. Eyes on #FOMC this week.

Do note that EURGBP has not closed above the high of ED which I wrote previously

EURGBP is still a downtrend, however, if it can successfully day/week close above red channel drawn, then there might be chance for blue resistance to come it.

However, I want to bring your attention to this very strong support which EURGBP retraces and formed a daily 1234. We can see that 7250 is a very strong support.

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Historical level support/resistance

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The blue line at around 7250 belongs to a historical level, a strong support

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1234 Pattern

In the blue marked 1234 pattern, I hope there will be a break and close above the ED high, above 7400, I guess will key in next resistance at 7500.

In the small red 1234, price has already gone above F6. I hope this time it will have strength to break ED high, as it has already consolidated for 3 weeks.

Still consolidating, into it’s 4th week, but price is making higher low (updated 18 Sep, 1.43pm, Singapore getting hazy again)

It has been a torturing slow few weeks in forex. Prices started making side-way base again. This is the case for EURGBP.

Price did not close above the trend line which I’ve drawn earlier.

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Trendline not broken

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4 weeks consolidation, higher low seen

Price is into the 4th week of consolidation. Support is still intact.

The only good thing is that price has made a higher low, and that in lower timeframe, price has a 1234 too.

I’m still in it, and everything still as planned. The only one which is hard to predict is how soon it will move. As always, it’s hard to tell time.

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2 thoughts on “When a equidistant channel is perfect like EURGBP, how can you trade it?”

  1. Peter Bit Vui Yong says:

    Hi Binni,

    Can I request to be added into the G+ private group?

    Thanks,

    Peter Yong

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