Here's what the 4-hour timeframe (my target management timeframe) looks like right now:
And here's the zoomed-out view of the same chart:
Hmm - that's barely readable, but I hope you get the idea. We've got a bearish bias right now, which means I can expect the USD to get stronger against the GBP. Not sure about that in the real world, but this is online trading, right? :)
Jordan would be looking at the Fibonacci retracement right around the circled area - I'm not sure what I hope to gain or learn by looking at the bigger trend as I am doing.
To see the longer trend, I'm looking at the daily chart as well:
Again, barely readable, but what it's saying is that there is an engulfing bull forming right now. I'm off to confirm on the 15-minute timeframe:
Back at the green ellipse is where the 10-period ema crossed over the 25-period ema and the 50-period ema - that would have been a great position for a long entry, but I obviously missed that. Right now it's still bullish, though, and the parabolic SAR (the dots) are below the candles, so maybe this is still a good entry point.
Let me look at a larger number of candles:
Hmm. It's really close to major resistance on the 15-minute timeframe, as you can see from the red line I've stuck in at the M way at the peak of this chart.
I'm confused - I think this is trying to tell me that I'm likely to see a retracement as the pair heads towards that M, but we still have a bullish trend on the 15-minute, and the parabolic SAR is below the candles.
The pivot was a while ago, so I guess I'm going to sit this one out and not try to trade it right this minute. Darn. I thought I had a good entry point - but maybe I'm analysing this too much. :)
- Maya
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