Our GBPAUD trade setup hit target and came back up towards our previous entry point. Closing half the position at the previous target level would be a good idea to secure profits if momentum doesn't build up.
See related ideas below for the previous trade.
Looking at Euro versus New Zealand dollar which is flagging up as extremely overbought on daily stochastics and RSI after moving another 50 pips higher overnight. On our trading view chart we have drilled down to 4 hourly candles to highlight the pair is hitting resistance levels dating back to January which had already been tested at the start...
. NEM/Dollar is in a range bound and the beginning of uptrend is expected.
. The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI is at 63.
. The RSI downtrend is broken, so the probability of the resumption of an uptrend is increased.
. There is a possibility of temporary retracement to...
The exchange rate reached its correct level. From this level, we can see a "double bottom" turn. Strong signal to prepare for a further rise. If we examine the ATR axis, it appears to form a rising channel. These two indications strongly suggest that a steady and sustained rise is expected. The target price is the top of the channel 36USD.
Plan 2 - GBPJPY
Buy from Support trend line up to resistance. Lowest support just about sits below the support trend line when the market will reach entry zone.
3 TP set up allowing more flexibility to this GBP set up. TP1 is already aiming at 260 pips alone. Option to close trade there and move on or invest properly and go all the way to TP3.
I'm waiting for a clear break of this trend line and will then go long on this pair to fill the gap above.
I'm expecting some downward consolidation before this break takes place.
Trade safe and good luck!
Looking to scale in on my original EURCAD short positions now price is making clear lower highs and lower lows.
Aiming to go short at the Fib 0.618 retracement level which coincides with a retest of the broken bullish TL and the new bearish TL drawn on the lower highs. The 4hr 50ema should be in that area to act as a dynamic resistance