GBPUSD - Trendline Matrix

10 oct 2023

I've been showing how extending out a trendline taking the first two pivots can be reveal a lot of reversal activity.

This chart is very interesting because it was the last two pivots of both the lower and upper channel before the trend changed trajectory that provided the double liquidity landmark for the reversal.

With a bullish candle printing so far this week, this may retrace up to the 0.618 Golden Window where I may exit trade around $1.27.

Not advice

24 oct 2023

Comentarios

On the 2 day chart, pound is printing a dangerous upper wicked candle and this may be signalling that a 3 wave Running Flat correction is now complete and the dominant trend resuming to the downside.

It may yet find a low here but there is a good chance that pound will now fall to hit the lower trendline. And so this is a trade to exit for a small loss and wait to see more chart.

If it gets back to the lower trendline there could be an incredible buy opportunity as dollar will probably be at hitting the 0.618 retracement Golden Window at that point.