There is a Big move coming, Who is going to Win? (Neutral Bias)
Disclaimer:
Any of the content presented on my page showing my analysis of the market is just that, an analysis which means this is my personal opinion of where the price is going to go. Do not by any means take this simple analysis for a reason to enter a trade, I am not presenting these analyses as a form of signals, simply a way to get feedback and opinions from others on how my trades look. Take this trade at your own risk, but know forex is a risky market that you can make a lot of money but can lose that money or even more just as fast, enter these markets with your own risk and good luck with your trading :).
Weekly Analysis:
You can see in the previous weeks we have been in a downtrend but price has seemed to find a point where it is having a hard time breaking which would be the 1.03125 area. After price had bounced around this area multiple times in the past as both support and resistance, this is going to be a good zone to pay attention too. Like I was saying, after price bounced off of this area we saw it make an attempt to push to the upside trying to break through the 1.05100 area but has not been able to make a clear break in the past. This is showing us that price is stuck in a trend right now and is trying to break through that top side again or we can see a rejection of this area and see a move to the downside. Whatever way the price decides to go, I am going to wait for my classic break and retest pattern before doing anything. We will need more confirmation on lower time frames but this little explanation hopefully gives you the big picture view of the current market conditions.
Daily Analysis:
Now that we have a more zoomed in view now on the daily chart, we can see that the support area of 1.03125 has multiple candles with big wicks bouncing off of this area or not being able to break this area. We can also see that the 1.05100 resistance area that I mentioned earlier also has a good amount of big wicked candles which leads us to believe that these two zones are a good reference point for a possible trade. For me I currently have a short trade marked up on the chart just due to the recent rejection to that resistance area but, if there is a break to the upside we can see a good trade with low risk. We will still need a close below a recent low and more confirmation on a lower time frame, even after doing so we will want to keep our risk per trade limited and try to stay as disciplined as possible.
Hourly Analysis:
Price has clearly been in an uptrend with a lot of very big bullish candles, but the reason I think this could be a good short trade is that price had struggled once again to break that 1.03125 area and this shows me that there may not be enough momentum to break this zone and continue with the trend. No matter where price decides to go, there is going to be a good trade at hand, I would trade both ways with the same exact strategy.
Wait for price to break out of a range, wait for the retest of a support or resistance area and a close below a recent high / low and keep risk managed. I am always going to tell you to risk 0.50% but, this is my personal preference and this is what works with my trading style but you can risk whatever amount you would like, just remember you may loose everything. Be careful out there and try to avoid this at all cost.
Thanks again,
KeySlot
Any of the content presented on my page showing my analysis of the market is just that, an analysis which means this is my personal opinion of where the price is going to go. Do not by any means take this simple analysis for a reason to enter a trade, I am not presenting these analyses as a form of signals, simply a way to get feedback and opinions from others on how my trades look. Take this trade at your own risk, but know forex is a risky market that you can make a lot of money but can lose that money or even more just as fast, enter these markets with your own risk and good luck with your trading :).
Weekly Analysis:
You can see in the previous weeks we have been in a downtrend but price has seemed to find a point where it is having a hard time breaking which would be the 1.03125 area. After price had bounced around this area multiple times in the past as both support and resistance, this is going to be a good zone to pay attention too. Like I was saying, after price bounced off of this area we saw it make an attempt to push to the upside trying to break through the 1.05100 area but has not been able to make a clear break in the past. This is showing us that price is stuck in a trend right now and is trying to break through that top side again or we can see a rejection of this area and see a move to the downside. Whatever way the price decides to go, I am going to wait for my classic break and retest pattern before doing anything. We will need more confirmation on lower time frames but this little explanation hopefully gives you the big picture view of the current market conditions.
Daily Analysis:
Now that we have a more zoomed in view now on the daily chart, we can see that the support area of 1.03125 has multiple candles with big wicks bouncing off of this area or not being able to break this area. We can also see that the 1.05100 resistance area that I mentioned earlier also has a good amount of big wicked candles which leads us to believe that these two zones are a good reference point for a possible trade. For me I currently have a short trade marked up on the chart just due to the recent rejection to that resistance area but, if there is a break to the upside we can see a good trade with low risk. We will still need a close below a recent low and more confirmation on a lower time frame, even after doing so we will want to keep our risk per trade limited and try to stay as disciplined as possible.
Hourly Analysis:
Price has clearly been in an uptrend with a lot of very big bullish candles, but the reason I think this could be a good short trade is that price had struggled once again to break that 1.03125 area and this shows me that there may not be enough momentum to break this zone and continue with the trend. No matter where price decides to go, there is going to be a good trade at hand, I would trade both ways with the same exact strategy.
Wait for price to break out of a range, wait for the retest of a support or resistance area and a close below a recent high / low and keep risk managed. I am always going to tell you to risk 0.50% but, this is my personal preference and this is what works with my trading style but you can risk whatever amount you would like, just remember you may loose everything. Be careful out there and try to avoid this at all cost.
Thanks again,
KeySlot
