LONG TERM BASE HAS BEEN CREATED POST BREXIT. ASCENDING TRIANGLE BOTTOM AND LARGE CORRECTIVE STRUCTURE HAS CONFIRMED WITH A WEEKLY CLOSE AND BREAKOUT OF THE KEY LEVEL @ 148.00
PULLBACK AND RETEST OF LCS HAS BEEN CORRECTIVE BUT UNCLEAN VOLATILE.
TRADE IDEA:
ENTRY: 145.4
LEVEL IS VISIBLE ON A DAILY CHART, THIS LEVEL IS ALSO THE LT LSZ. BULLISH LT @ 145.13 ON A CLOSING BASIS.
SECONDARY ENTRY: 146.59
LEVEL IS THE LAST DAILY LOW INSIDE THE ASCENDING TRIANGLE PATTERN AND LTF RRL. WILL CONSIDER AN ENTRY AT THIS LOCATION BASED ON A PA SIGNAL USING AGGRESSIVE STOP MANAGEMENT.
LT TARGET: 159.80
THIS LEVEL IS A MEASURED MOVE OF THE IMPULSIVE MOVE OFF OF THE LOW IN 2016 TO THE LCS BOUNDARY @ 148. MEASURED FROM THE WEEKLY SWING LOW @ 136. THIS WOULD ALSO REPRESENT A RETEST OF THE BREXT SWING LEVEL WHICH I ANTICIPATE IS SOMETHING WE WILL SEE IN ALL THE GBP PAIRS.
PULLBACK AND RETEST OF LCS HAS BEEN CORRECTIVE BUT UNCLEAN VOLATILE.
TRADE IDEA:
ENTRY: 145.4
LEVEL IS VISIBLE ON A DAILY CHART, THIS LEVEL IS ALSO THE LT LSZ. BULLISH LT @ 145.13 ON A CLOSING BASIS.
SECONDARY ENTRY: 146.59
LEVEL IS THE LAST DAILY LOW INSIDE THE ASCENDING TRIANGLE PATTERN AND LTF RRL. WILL CONSIDER AN ENTRY AT THIS LOCATION BASED ON A PA SIGNAL USING AGGRESSIVE STOP MANAGEMENT.
LT TARGET: 159.80
THIS LEVEL IS A MEASURED MOVE OF THE IMPULSIVE MOVE OFF OF THE LOW IN 2016 TO THE LCS BOUNDARY @ 148. MEASURED FROM THE WEEKLY SWING LOW @ 136. THIS WOULD ALSO REPRESENT A RETEST OF THE BREXT SWING LEVEL WHICH I ANTICIPATE IS SOMETHING WE WILL SEE IN ALL THE GBP PAIRS.