When a equidistant channel is perfect like EURGBP, how can you trade it?
I posted about this ED channel in twitter just now.
— TerraSeeds FX Tflow® (@terraseeds) September 1, 2015
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.
How about lower timeframe?
There was a big move and I’ve also mapped in 1234
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.
It is not the first post that I’m bearish on GBP See my twitter posting few days ago
— TerraSeeds FX Tflow® (@terraseeds) August 28, 2015
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.
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.
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.