Dear: Sir, David Horton (EUR/GBP)

Dear: Sir, David Horton

I am glad to be asked as below question of (EURGBP)

As long as I know about your requisition, I would unpretentiously explain my idea (EUR/GBP).

But sorry for my poor English sine I am a Korean, English is forever alien to me   

Having forgiving intention of my poor English, you may obtain what you want to look for

At any rate

This is what you asking for  

 

Here you said it will be uptrend?

If you are talking about long terms view, supposing that you might be looking at monthly chart.  Indeed sir! You are light It is preordained to shift heavily gravity from downtrend to uptrend.

By and large I agree with you except you calculate too earlier to profit it    

The difference between you and me are:

When it will be happened to and how come?

The answer is the downward is supposed to stop at the point of 0.77868 on the condition of prior settlement as below of monthly chart but not 0.8262 point which you pointed ( I mean if you mention to big wave and long terms of monthly chart)  

If you have same frequency and protocol with me, let us skip the meaning of monthly chart, because you have known what size, what displacement of it. Even I presume that you know the meaning of 1 and 5minte chart and even 30 minute chart.

To make long story short answer, the downward is supposed to stop at the point of 0.77868 on the condition of prior settlement

How?

Because of monthly and daily chart is insinuating the movement?

Let me tell you the prior settlement, step by step.

Monthly chart of EUR/GBP

①     is stochastic for 5ma (moving average) see the double top signal

②     is same index for 10ma as precede signal as 1~2 candles earlier than 10ma.

③     is expected with the shape of ①. Yes it is the divergence or double top or W pattern of index. But it does not look like ① yet. Therefore  you wait when ③ looks like ①

④     is also the oversold stage. therefore if you are intraday or scalper you may enjoy of this down trend until the previous lower point (0.77868)

⑤     is the previous lower point (0.77868) which I presume it’s adjustment

⑥     is the signal for you to entry for long terms view investigation. Dear Sir! Could you see the inside of circle and, Indigo blue line (10 ma) which is last blow single of down trend. Hence I wish you to jump in when it is golden cross between 5ma and 10ma. Whenever candles are settling on those moving averages, you will be safety stage of uptrend.       

Conclusion of monthly chart:

The gravity of downtrend is heavy so that “one swallow does not make a spring”

Please respect the trend

And do not defiance against trend until new starting of uptrend. Especially if you are very conservative long terms trader, wait the shape of⑥    

Daily chart of EUR/GBP

Let us zoom in and see more detail inside of monthly chart by Daily chart.

I overlap another index, Bollinger bands to see when the corrective wave is happen.

It may be useful information for intraday traders seeking for 5 days candle movements

Actually it is huge money even if daily chart’s size and its wave and displacement because of the result of the leverage  

Anyway here is sequential movement daily chart

You may enjoy down trend not from now but a week later

It is supposed to rebound up to yellow line of 20ma

And then

It is downtrend again because it is attribution of “the power of trend”

You may enjoy it until the end of signal ⑥ of monthly chart.

Nevertheless

You may be interesting in size of its fluctuation and displacement but not far away from now on

Sequentially I will illustrated it again       

    

①     is 20ma yellow line which is reacting  as a resistance line

②     is just normal trend line which is reacting  as a supported line

③     is Bollinger band signal of “^”. When is happened to inversed signal of “V” or “^”, the candle will be about to act the corrective movement at least 3 candles up.

④     is what I am waiting for “^”signal same ③. As soon as you see the signal you would better enjoy the rebound up to the level of ⑤

⑤     is previous higher point which I am expecting with rebound, slightly lower than this level  I guess.

⑥     is date when I write and post it on my Blog so that it will evidence when I write a book as real time analysis for my future job.    

Conclusion of Daily chart:

I have explain only size of wave, monthly and daily

If anyone wants to know more specific or detail, you have to process what I have shown you. Because the wave of charts are absolutely same process and same methodology but the difference are size of wave. I wish you to keep going on as same way, as using 60,30, 5 or even 1 minter chart.   

Thank for listen to my poor English

Yours odyssey lee