GBPUSD Technical Analysis 02.06 - 09.06 : Trying to Reverse to Bullish - page 3
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
It was the following news event (medium impacted news event):
2013-06-05 12:15 GMT | [USD -ADP Employment Change]
MetaTrader Trading Platform Screenshots
GBPUSD, M1, 2013.06.05
MetaQuotes Software Corp., MetaTrader 5, Demo
adp2
Forum
GBPUSD Technical Analysis 02.06 - 09.06 : Trying to Reverse to Bullish
newdigital, 2013.06.05 10:44
Just some update for D1:
price crossed Sinkou Span B line on close bar and it is primary bullish for now. But as the price is still located inside Ichimoku cloud so this is ranging bullish. GBPUSD is trying to break 1.5374 resistance together with Sinkou Span A line (this is one of the border of Ichimoku cloud). This Sinkou Span A resistance is not so strong but 1.5374 is serious level.
Tenkan/Kijun lines were not crossed with each other for bullish (for uptrend) so I think - the ranging will be continuing on D1.
What are Tenkan line and Kijun line? Do you see thin red line and thin blue line on the chart? When Tenkan (thin red) is above Kijun (thin blue) so this is the first Ichimoku signal for buy (on the same way as 2 MA indicators crossing). This is weak signal ... first one but week ... but not lagging ... but week :)
What is most strong signal from Ichimoku indicator? Chinkou Span line is crossing the price on historical data. Do you see light blue line on the left of the chart? This is Chinkou Span line. If this line crosses histrical price so this is most powerful signal of Ichimoku indicator. So, this signal is very strong ... but lagging ... and it is last Ichimoku signal (last one) ... but very very strong signal ... but lagging and last one :)
So, Ichimoku indicator is the combination of all six signals started from first signal (Tenkan/Kijun) and finishing by 6th signal (Chinkou Span/price). Yes, there are 6 signals totally.
So, seems 1.5374 resistance is very near to be broken by GBPUSD
MetaTrader Trading Platform Screenshots
GBPUSD, D1, 2013.06.05
MetaQuotes Software Corp., MetaTrader 5, Demo
gbpusd d1
We will have the following news event for today:
2013-06-06 11:00 GMT | [GBP -BoE Interest Rate]
This is high impacted news event for GBP (for GBPUSD) so if you are not trading the news event (if you are not news trader) so it is better to close all the position for GBP pairs few minutes before 11:00 GMT.
Just some update for D1:
price crossed Sinkou Span B line on close bar and it is primary bullish for now. But as the price is still located inside Ichimoku cloud so this is ranging bullish. GBPUSD is trying to break 1.5374 resistance together with Sinkou Span A line (this is one of the border of Ichimoku cloud). This Sinkou Span A resistance is not so strong but 1.5374 is serious level.
Tenkan/Kijun lines were not crossed with each other for bullish (for uptrend) so I think - the ranging will be continuing on D1.
What are Tenkan line and Kijun line? Do you see thin red line and thin blue line on the chart? When Tenkan (thin red) is above Kijun (thin blue) so this is the first Ichimoku signal for buy (on the same way as 2 MA indicators crossing). This is weak signal ... first one but week ... but not lagging ... but week :)
What is most strong signal from Ichimoku indicator? Chinkou Span line is crossing the price on historical data. Do you see light blue line on the left of the chart? This is Chinkou Span line. If this line crosses histrical price so this is most powerful signal of Ichimoku indicator. So, this signal is very strong ... but lagging ... and it is last Ichimoku signal (last one) ... but very very strong signal ... but lagging and last one :)
So, Ichimoku indicator is the combination of all six signals started from first signal (Tenkan/Kijun) and finishing by 6th signal (Chinkou Span/price). Yes, there are 6 signals totally.
Price was crossed final resistance line and this is very near to be primary bullish for now. We will get final bullish when Chinkou Span line will cross historical price on close bar):
MetaTrader Trading Platform Screenshots
GBPUSD, D1, 2013.06.06
MetaQuotes Software Corp., MetaTrader 5, Demo
gbpusd d1
I think - next week will be very interesting for this pair: Chinkou Span line (light blue line on the left of the chart) may be crossed with historical price, and if this is happened so we may have very good possibility for long term bullish:
MetaTrader Trading Platform Screenshots
GBPUSD, D1, 2013.06.06
MetaQuotes Software Corp., MetaTrader 5, Demo
interesting next week
I think - next week will be very interesting for this pair: Chinkou Span line (light blue line on the left of the chart) may be crossed with historical price, and if this is happened so we may have very good possibility for long term bullish:
Chinkou Span line crossed the price on historical data (see light blue line on the left of the chart). So, bullish. But angle of crossing is really important in this case ... so ... I am expecting the correction soon.
MetaTrader Trading Platform Screenshots
GBPUSD, D1, 2013.06.07
MetaQuotes Software Corp., MetaTrader 5, Demo
gbpusd d1
So, trading week is finsihed. What we will have for the next week for this pair? I think - it will be a correction.
Just look at formed 3-drives parretn on W1 - uptrend, right?
MetaTrader Trading Platform Screenshots
GBPUSD, W1, 2013.06.07
MetaQuotes Software Corp., MetaTrader 5, Demo
3-drives
but for H8 timeframe - formed pattern for uptrend too:
MetaTrader Trading Platform Screenshots
GBPUSD, H8, 2013.06.07
MetaQuotes Software Corp., MetaTrader 5, Demo
retrecement developed/formed
But developing pattern on this timeframe (H8) is showing downtrend:
MetaTrader Trading Platform Screenshots
GBPUSD, H8, 2013.06.07
MetaQuotes Software Corp., MetaTrader 5, Demo
retrecement developing
So, it will be correction for GBPUSD on Monday.