Gbpusd Intraday Market Update ~ saxo bank forex trading reviews
I will be building on the analysis I did on 22nd of this month. You can scroll down the blog or click here.
I noted an ending diagonal as part of the zigzag pattern that I thought could end wave 4 of the larger wave in order to be part of the potential large move downside.
I put a sell order at the break of the diagonal and soon market started moving up and down showing the diagonal might not have finished forming. A diagonal is usually followed by sharp moves
I exited the trade manually with -70pips in order to analyse more critically.
At the end of trade on 25th February, I saw that ending diagonal was still intact with double zigzags in between its legs.
The fibonacci extension of wave A from B has pierced the 161.8% and price is now heading to 200% fibo extension level at 1.5560 and its neighborhood.
This level could mark the last wave to complete the
diagonal before a crash down. A crash down could happen if the 200% level holds and price breaks below the support trendline of the diagonal.
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Zooming down to the 15minute chart, something very interesting also surfaced.
The supposed last wave of the expected diagonal formation, vividly seen on 15 minute chart is also forming a diagonal.
This would be a massive move. That will be dual time diagonal formation.
If the 200% holds at the turning point, i would trade aggressively at the break of the 15 minute ending diagonal.
A conservative way of trading is by waiting for the 1 hour diagonal to be broken downside by price. Proper stop order should be done with good money management.
I will see you in the next update.
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