Thoughts on GBPUSD for rest of March 2016
Per hourly chart & 1-5 Elliot impulse waves the down trend ended on 3/24/16 (Friday), then started new uptrend. It appears per hourly chart that the 0-1 wave has been completed and the correction downward 1-2 wave which will be either an ABC correction and/or 1-5 Elliot impulse wave is still going on now. Early this coming week 1-2 wave will be completed & longest wave 2-3 most of the time upward will start. It's good to get into a trading routine, I start ,u trading session by looking at higher time frames & then keep going down to the time frame that you will be trading from. Like: 1 minute charts for 5 minute trades OR 5 minute charts for 15 minute trades, etc... (Note) The Bollinger Band indicator now shows a squeeze or tighten of price action too, before it in my opinion price action will go up.
* Noted on hourly chart is that the EMA of 10 & 30 are pretty much on top of each other, which means narrowing price action & 50 ema still above price action, but is very close to being broken. When the 50 ema if broken, this will let you know that the 1-2 wave down is done & longest upward Elliott wave 2-3 is starting afterwards. Related to bottom RSI (setting of 5- 75/25) the noted RSI trend line (pink) down has been broken, which signaled bulls or calls have control of GBPUSD pair. The second RSI (pink) line is over price action because of current trend of RSI price action is downward or beas have control of this pair at this time. Once this RSI trend line is broken upward & price action goes above 50 on RSI indicator scale & above 50 ema on chart, it will be call or bull trading time again, for this pair.
When trading binary options, more pieces of the puzzle that you have on your side: like price action, trends, major support & resistance areas, your indicators (whichever one's your prefer)- more success you will have trading.
* Noted on hourly chart is that the EMA of 10 & 30 are pretty much on top of each other, which means narrowing price action & 50 ema still above price action, but is very close to being broken. When the 50 ema if broken, this will let you know that the 1-2 wave down is done & longest upward Elliott wave 2-3 is starting afterwards. Related to bottom RSI (setting of 5- 75/25) the noted RSI trend line (pink) down has been broken, which signaled bulls or calls have control of GBPUSD pair. The second RSI (pink) line is over price action because of current trend of RSI price action is downward or beas have control of this pair at this time. Once this RSI trend line is broken upward & price action goes above 50 on RSI indicator scale & above 50 ema on chart, it will be call or bull trading time again, for this pair.
When trading binary options, more pieces of the puzzle that you have on your side: like price action, trends, major support & resistance areas, your indicators (whichever one's your prefer)- more success you will have trading.