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Watch the Gbp! (Chart Talk 09-10-13) 

Last Updated: October 9, 2013

By Rayner

We have a bullish engulfing pattern on the weekly charts. However looking at the daily, we see resistance coming in at 0.8475. Thus if price can break and close above that level, i will look to long on pullback.

eg

A typical fakeout setup. Notice how price tested the 1.4800 and was rejected. Then it consolidated for 2 candles before retesting it a final time (formation of pinbar). That would have been a signal to get short with stops above 1.4800. Sadly i missed that move.

gchf

For those bulls who are about to long Gbpaud at support, i would caution you first. Reason being is that level has been tested 3 times and it’s attempting the forth. Whatever order flow which has been there earlier is probably reduced greatly. Also notice the bearish momentum heading downwards? I would rather wait for a bullish price action instead of going in too aggressively here.

ga

  • Rayner,
    Thank you for your charts. They are indeed well explained, and easy to understand.

    Yours sincerely
    Subashchandra

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