Hi Team,
So far my analysis has proved to be exactly one point for this pair. If you see my previous post (link below) we are following the exact pattern charted out.
Last week we had an excellent short trade and hit profit just as expected.
What we can see now is that we have rejected from one of the weaker Fibonacci levels, and I expect a degree of retracement before a push down to the daily bottom where we expect the start of a long bull run.
Last week we had news on the Bank of England rates, and obviously this will change in the coming months as they move to combat inflation, especially in the midst of a current energy crisis as winter is looming.
All of that implies that we will expect some strength to rally behind the pound in the coming month or two, which suits very well The bull run analysis. But that strength is not there yet.
We currently have one more chance to get a short in before we reach that level, and that is what I have charted out for you here. My advice is to look for evidence of rejection from the Fibonacci level marked out on the chart(this Fibonacci level is based on the recent impulse down), and then look for evidence of bearish strength before entering.
If we do this properly, then we would have been able to make maximum use of the expected chart direction in order to optimise profits ready for our major swing trade.
Like what I do? Please feel free to like, comment and share.
It all really helps me develop this platform.
Let’s have a good week!
Good luck and trade safe
DrBear
So far my analysis has proved to be exactly one point for this pair. If you see my previous post (link below) we are following the exact pattern charted out.
Last week we had an excellent short trade and hit profit just as expected.
What we can see now is that we have rejected from one of the weaker Fibonacci levels, and I expect a degree of retracement before a push down to the daily bottom where we expect the start of a long bull run.
Last week we had news on the Bank of England rates, and obviously this will change in the coming months as they move to combat inflation, especially in the midst of a current energy crisis as winter is looming.
All of that implies that we will expect some strength to rally behind the pound in the coming month or two, which suits very well The bull run analysis. But that strength is not there yet.
We currently have one more chance to get a short in before we reach that level, and that is what I have charted out for you here. My advice is to look for evidence of rejection from the Fibonacci level marked out on the chart(this Fibonacci level is based on the recent impulse down), and then look for evidence of bearish strength before entering.
If we do this properly, then we would have been able to make maximum use of the expected chart direction in order to optimise profits ready for our major swing trade.
Like what I do? Please feel free to like, comment and share.
It all really helps me develop this platform.
Let’s have a good week!
Good luck and trade safe
DrBear
