Hi guys!
Please don't forget to LIKE & COMMENT on my post for me to see what you think about my ANALYSIS :)
This will be my official 2nd analysis on a Pair which I will share with you here on Tradingview.
On the chart displayed is the 1H timeframe. We can see that the sterling finally broke out of the more than 6 Day consolidation box.
We also successfully retested the 200 MA (Orange), which should force the pair back up to re-test the previously broken S/R & Box at around 1.23200.
If we do achieve this re-test, it should push down G/U through the 200 MA & testing the WEEKLY S/R @ 1.12500. This test of STRONG previous S/R should then let the pair
bounce back up to get rejected by the mini RESISTANCE @1.21500 & the 200 MA (continuation drawn in PURPLE).
After this final re-test we should see the Sterling fall through the floor to possibly revisit the 1.17000 area where I'll be looking to take profit & close my SHORT positions completely.
These are just my thoughts on the possible SHORT set-up that resulted though my analysis of the chart, I would love to hear your thoughts about it below! :)
P.S: Please don't be too hard on me, I'm still fairly new to this, however any sort of feedback is much appreciated ;)!
Take care guys! Hope you had a lovely weekend & are as excited as I am to dive back into the markets tomorrow!
Noel Schwarz, WyredFX
Please don't forget to LIKE & COMMENT on my post for me to see what you think about my ANALYSIS :)
This will be my official 2nd analysis on a Pair which I will share with you here on Tradingview.
On the chart displayed is the 1H timeframe. We can see that the sterling finally broke out of the more than 6 Day consolidation box.
We also successfully retested the 200 MA (Orange), which should force the pair back up to re-test the previously broken S/R & Box at around 1.23200.
If we do achieve this re-test, it should push down G/U through the 200 MA & testing the WEEKLY S/R @ 1.12500. This test of STRONG previous S/R should then let the pair
bounce back up to get rejected by the mini RESISTANCE @1.21500 & the 200 MA (continuation drawn in PURPLE).
After this final re-test we should see the Sterling fall through the floor to possibly revisit the 1.17000 area where I'll be looking to take profit & close my SHORT positions completely.
These are just my thoughts on the possible SHORT set-up that resulted though my analysis of the chart, I would love to hear your thoughts about it below! :)
P.S: Please don't be too hard on me, I'm still fairly new to this, however any sort of feedback is much appreciated ;)!
Take care guys! Hope you had a lovely weekend & are as excited as I am to dive back into the markets tomorrow!
Noel Schwarz, WyredFX
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.