GBPUSD Technical Analysis 02.06 - 09.06 : Trying to Reverse to Bullish - page 2

 
newdigital:

The price was on bear market rally for the last week trying to break few resistance lines and came very close to Sinkou Span B (one of the border of Ichimoku cloud). By the way - Ichimoku cloud is thin and it's already turned to bullish by color. But Tenkan abd Kijun lines are not indicating this bullish reversal, abd the price will will have 1.5237 and 1.5276 resistance levels on the way to this bullish reversal.

If the price will finally break 1.5237 and 1.5276 levels so we may have good uptrend with ranging market condition. If the price will not break those resistance lines - the bearish trend will be continuing with ranging market condition as well.

  • Recommendation for long: watch the price to break 1.5276 resistance (for D1 timeframe) with 1.5216 initial stop loss and 1.5340 initial take profit level
  • Recommendation to go short: none
  • Trading Summary: possible ranging



This scenario was realized: take profit 1.5340 was taken now.

MetaTrader Trading Platform Screenshots

GBPUSD, D1, 2013.06.03

MetaQuotes Software Corp., MetaTrader 5, Demo

1.5340

GBPUSD, D1, 2013.06.03, MetaQuotes Software Corp., MetaTrader 5, Demo


 
VNIK:

What's the meaning of this chart ?
 
angevoyageur:
What's the meaning of this chart ?

Read the title of the topic ?- Analysis of the week .
And what is the analysis of the week ?
Weekly analysis gives the general direction of the trend.
 
VNIK:

Read the title of the topic ?- Analysis of the week .
And what is the analysis of the week ?
Weekly analysis gives the general direction of the trend.
It may be necessary to provide some explanation anyway because many people 9especially newbies) will not understand it just looking at the chart.
 
newdigital:
It may be necessary to provide some explanation anyway because many people 9especially newbies) will not understand it just looking at the chart.

For starters, the trend may be up or down.
The graph gives an unambiguous direction of the general trend.
 
VNIK:

Read the title of the topic ?- Analysis of the week .
And what is the analysis of the week ?
Weekly analysis gives the general direction of the trend.
So you are using an H8 chart for weekly analysis, with unknown indicators. When I ask explanation you answer the obvious. This thread is to help traders, mainly beginners, so the next time you post a chart without explanation it will be deleted.
 

Today the GBPUSD ranging downtrend could be confirmed.

 I drew the first possible resistance line for the ranging downtrend that could evolve today

This is to be followed in order to see the price changes.


 

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.


MetaTrader Trading Platform Screenshots

GBPUSD, D1, 2013.06.05

MetaQuotes Software Corp., MetaTrader 5, Demo

bullish ranging

GBPUSD, D1, 2013.06.05, MetaQuotes Software Corp., MetaTrader 5, Demo


 

By the way - it was breakout on H1 started from this morning:

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GBPUSD, H1, 2013.06.05

MetaQuotes Software Corp., MetaTrader 5, Demo

breakout on H1

GBPUSD, H1, 2013.06.05, MetaQuotes Software Corp., MetaTrader 5, Demo


 
And this brerakout is related to this forex news event (medium impacted event but directly related to GBP):

2013-06-05 08:30 GMT | [GBP -Service PMI]


Reason: