Hey Everyone
Just wanted to drop another key pair that I have on my watchlist for the week ahead. On September 26th, the Bank of England came out with some news that day I believe which created some volatility with pound related pairs. This in turn caused a near miss at the 1.81259 area in which price action closed with a long wick bullish candle on the daily. Price has now broken above the double top at the 1.96779 area in which I believe we may be coming back down to fill that near miss.
As shown on the lower timeframe, price has created a larger bullish flag continuation in which price may continue to push higher. The interesting thing here is within the bull flag, we have a running channel within that structure to convince traders this is going to push to the upside to catch them on the wrong side of the markets. This is more than likely to break below the structure and give a continuation pattern in the form of a two touch continuation. If this does occur I will be looking for a risk entry within the continuation to take to the downside.
Just wanted to drop another key pair that I have on my watchlist for the week ahead. On September 26th, the Bank of England came out with some news that day I believe which created some volatility with pound related pairs. This in turn caused a near miss at the 1.81259 area in which price action closed with a long wick bullish candle on the daily. Price has now broken above the double top at the 1.96779 area in which I believe we may be coming back down to fill that near miss.
As shown on the lower timeframe, price has created a larger bullish flag continuation in which price may continue to push higher. The interesting thing here is within the bull flag, we have a running channel within that structure to convince traders this is going to push to the upside to catch them on the wrong side of the markets. This is more than likely to break below the structure and give a continuation pattern in the form of a two touch continuation. If this does occur I will be looking for a risk entry within the continuation to take to the downside.