top of page
Search

GBP/USD technical analysis | Nov 12, 2019

The bullish thrust with all candles (7 bullish candles) closed above 3-3 SMA (blue line) makes a ground for Bread & Butter and Double Repo patterns.

Bread and Butter pattern had already completed with leg BC. Then price closed back below 3-3 SMA on Nov 5, which makes a sort of Double Repo. It's not a perfect Double Repo because it has taken almost 10 candles to form it wheres a perfect Double Repo is supposed to be formed within 3-6 candles. Nevertheless, further retracement still seems to be on the table.

Classical target of Double Repo is FIB50.0 of thrust (1.26027 - light green horizontal line) that makes a support cluster with ABCD161.8 and abcd127.2. GBP/USD is very sensitive to any news related to Brexit, so we are not taking this farther target.


Other support is FIB38.2 (1.26991 - light green horizontal line) that almost coincides with ABCD127.2 and abcd100. We are not taking this target either because we want to exit as early as possible especially if very nearer target can give good risk:reward.


We are targeting ABCD100.0 (+2.0 pips & spreads) and had moved our SL to BE already.



 
 
 

Recent Posts

See All
Gold (XAU/USD) trading plan

Return from psychological level of 3000 may give us a trading opportunity in Gold. Buyers may be taking profit and getting out, which may...

 
 
 

1件のコメント


Anand Dubey
Anand Dubey
2019年11月12日

Closed sell trade with +24.0 pips at closure of London session.

いいね!
  • Facebook Social Icon
  • Youtube

© 2010-25 by KeonConsultancy.com

 

 

The information on this website is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement.

 

Past performance is no guarantee of future results. Your capital is at risk in Forex & CFD trading.

bottom of page