Categories: Technical Analysis

Aggressive buy opportunity before the next sell off in GBPUSD

Pair has reached stiff support zone and i believe we will see a bounce and move up at least in the short term. In the longer term, technically we can expect the pair to create one more low on the weekly chart. It is currently under bullish continuing divergence which puts bullish pressure and this is where we want to take advantage.

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Technical Overview:
W1 – continuing divergence, 20 candles ride on the Bollinger Bands

D1 – support, band to band move

H4 – extended double wave move, bollinger bands duplication

Entry:
H1/M15 – Drop to the H1 chart or even the m15 chart and look for pull backs to go long. Trigger could be hidden bullish divergence or break of flag/wedge pattern or simply a break of a trend line + resistance.
Target 1: 1.5160
Target 2: down trend line (h1)
Stop Loss: below the up trend line and last support

Video Explanation:

Yours
Vladimir

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Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.