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Confluence

GBPUSD: Advanced Pattern ConfluenceHi Traders, Doing my pre-week analysis and found this nice looking setup. There is a Bullish Cypher and a Bullish Gartley completing at the same level at 1.29850. Keep in mind that the safest place for a stop on this setup is underneath the post-Brexit spike low on the far left of the chart. Depending on your risk threshold, this may or may not be a valid trading opportunity. Entry: 1.29850 Stop: 1.28300 Target 1: 1.31690 Target 2: 1.32860 If you found this idea useful, leave a like or comment, it is always appreciated. Have a great trading week, and always stick to your trading plan! Luke
Long
by Beebags
2
EURGBP Short: Bearish Wolfe WaveEURGBP has completed a bearish Wolfe Wave setup and may be ready to short toward the target line. Triangle is complete on the APRR oscillator as well. As always, it's a good idea to wait for confirmation before placing a trade. Close below the 1-3 extension would be a good indicator of continued bearish pressure in this case, with a tight stop above recent highs. This setup has two targets, one at point 3 and another at the 1-4 extension (traditional WW profit taking level).
Short
by glennmercer
3
AUDCHF: uptrend and strong support indicate room to the upsideThe pair has been in a longer term uptrend (better visible on the daily chart). After the strong bullish move recently, the price is now retracing to the previous support levels, ready to continue further up. Stochastic indicator show oversold levels both on the 4H and the 1D chart, which indicate that the sellers are losing steam. The support area offers great opportunities for traders entering long, with a good R/R ratio of initially 1:2 but with potentially much more room to the upside.
Long
by UnknownUnicorn553472
gbpusd bearish continuation opportunity-Mkt testing fib & structure confluence area that is likely to act as resistance in a downtrend -B/c the mkt is trading at 20yr lows there is a lack of structure for tgts, most logical extended tgts would be 1.27 and 1.61 of the most recent bearish leg. -Anywhere within bearish trend continuation zone represents good location for shorts with stops 1atr behind the invalidation area around 1.3620 -BE AWARE: BOE Gov Carney Testifies today 5am Eastern, conservative traders should wait until after testimony before engaging the mkt.
Short
by AndrewNatter