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GBP/USD
Trading Lower in Channel Down
The GBP/USD has been trending
lower since the high made at
1.6744 on June 30th. The 60
minute chart has alerted a
Reversal Channel Down Emerging
pattern which has excellent
Initial Trend although is weak
on Uniformity. A word about
Uniformity: it’s the
measurement of the touchpoints
that create the lines of the
patterns. In this case the two
downtrend lines are made up of
two touchpoints each which have
a large spacing in between.
Notice that between 1:00 and
3:00 the highs and low fell
short of reaching the trendlines.
What is a positive is that the
most recent touchpoints for the
downtrend line resistance
(green) are close to current
price action and strengthen the
chance of follow though if
prices break through.
READ MORE
Setting Up a Swing on the EUR/USD
The 15 minute EUR/USD has
alerted at Triangle Complete
Pattern with a Forecast Region
waiting between 1.3490 and
1.3510. The resistance on this
15 minute chart may seem like it
has limited potential upside but
then again remember it is a
short time frame as well. What
this small bounce could set up
are corrections on the longer
term intraday charts like the
the 60 and 240 minute charts.
READ MORE
CFTC RULE 4.41 - HYPOTHETICAL OR
SIMULATED PERFORMANCE RESULTS
HAVE CERTAIN LIMITATIONS. UNLIKE
AN ACTUAL PERFORMANCE RECORD,
SIMULATED RESULTS DO NOT
REPRESENT ACTUAL TRADING. ALSO,
SINCE THE TRADES HAVE NOT BEEN
EXECUTED, THE RESULTS MAY HAVE
UNDER-OR-OVER COMPENSATED FOR
THE IMPACT, IF ANY, OF CERTAIN
MARKET FACTORS, SUCH AS LACK OF
LIQUIDITY. SIMULATED TRADING
PROGRAMS IN GENERAL ARE ALSO
SUBJECT TO THE FACT THAT THEY
ARE DESIGNED WITH THE BENEFIT OF
HINDSIGHT. NO REPRESENTATION IS
BEING MADE THAT ANY ACCOUNT WILL
OR IS LIKELY TO ACHIEVE PROFIT
OR LOSSES SIMILAR TO THOSE
SHOWN.