GBPUSD Short Term Periodicity

Discussion in 'Forex Trading' started by Primetrader, Aug 13, 2009.

  1. H4 has topped out after a total "run up" of 7 consecutive bars. But the backpedal may not be too extensive or aggressive and may look only to 1.6546 for a foothold support and go for another round of bullish stride. Duration-wise, there appears to be two possible scenarios on this bullish push and one is a 5-H4 Bars run or 7 to 8 H4 Bars run. And for this to come about, 1.6585/90 to 1.6615 barriers (resistances) must first be dismantled.

    But for now, in search of orthodox supports as your H4 is looking soft, I would include 1.6503 or thereabout in my area of overhang for a possible extension. But 1.6546 as mentioned above already qualifies as ideal pullback range.

    H1 is about to bottom out and fluctuation may again drift northward. Keep tab of that1.6590 immediate barriers! Once engaged and knocked down, I would expect around 6 or 7 H1 bars of sustained buoyant price activity. The nominal low side magnitude of approximately 105 pips has been attained. But I was looking for a full vertical depth pull back to around 133 pips and this wold tread on 1.6528/30 for a target. But just he same, watch that1.6590s immediate resistance for a possible penetration and subsequent bullish follow through.