Sunday, October 12, 2014

Bullish move continuation on Gbpchf

On 2nd October, I pointed to an ending diagonal which signaled a bearish correction  and I was not surprised that price moved just as anticipated. 

I also pointed to the fact that I have a bullish bias. I expect price, after the completion of the present zigzag correction, to rally and break the top of the ending diagonal to complete the impulsive move.

This projected bullish move is also made tradable by  a three daily pin bar drives resting on the near term support zone, the stochastic momentum on D1 and a divergence on the H4 chart.

When we have a clear recognizable pattern with other technical parameters aligned, we can trade with more confidence.

I will expect price to break above the falling wave 4 channel on H4 before buying.

Conversely, if price breaks below the support zone mentioned in high momentum, new analysis has to be done to be sure of what price is playing out

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