Last post was regarding a SurpriseBox that formed on the GBP/USD 3 hour chart 800 sma (prurple line) and 100 sma (green line). This box was forming a cup and handle formation, seemed broken to the upside. This position had bounced from the 50sma and 100 sma at the bottom to the 200 sma on top several times. It never went below the 1.5650 that represented the bottom of the handle. Finally yesturday it broke the 200 sma to the upside barley. I had already sold my initial position in near brake even. Will consider to re-enter the position if brakes solidly to the upside and the win-risk ratio is reasonable.
A SurpriseBox was formed on the GBP/USD 3hour chart 800sma (prurple line) and 100sma (green line). This box is forming a cup and handle formation, broken to the upside. Caution with the 200sma (red line) that may offer significant resistance at 1.59.Disclaimer: I trade the patterns depicted either at the entry point stated (e.g. trading channel, breakouts) or afterward. Although my trades are based on technical analysis, trading forex is a risky activity and may produce significant monetary loss. I only make public the trades that I am considering to make, or made and the rational for them. Not intended necessarily as trading recommendations.
A SurpriseBox was formed on the GBP/JPY daily chart 100sma (green line) and 50sma (blue line). This box was forming a head and shoulders pattern, but upon completion of the candle it was seen that a long tail ensues. If surprisebox includes the shadows, no breakage occurred. Will not trade this formation at the moment.Disclaimer: I trade the patterns depicted either at the entry point stated (e.g. trading channel, breakouts) or afterward. Although my trades are based on technical analysis, trading forex is a risky activity and may produce significant monetary loss. I only make public the trades that I am considering to make, or made and the rational for them. Not intended necessarily as trading recommendations.
