Daily
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-A multi-week head and shoulders top was confirmed on 10/9 (that doesn’t mean it can’t fail though). The underside of the neckline was resistance along with the underside of the line that extends off of the August lows.
–GBPUSD also formed an outside day below the 21 day average (not shown). Using Wednesday’s high as the corrective recovery high (top of wave 2 or B) results in 2 equal legs from the Oct high at 1.5712 (8/21 high is at 1.5717).
Trading Strategy: Stopped out of prior short at 1.6020. Downside needs to be favored now below Wednesday high. Resistance for entry is 1.5975/95.
LEVELS: 1.5775 1.5840 1.5890 | 1.5960 1.6000 1.6057