AUD/USD has formed new structure recently showing signs of a trend reversal. Whether this continues to hold longer or not is for price action to reveal. As for now, a potential bullish continuation is brewing after what seems like a shall retracement. The close of price action by end of day as a low test bar above ~0.7250, where price has found support, will...
USD/SGD exhibits signs of bearish oscillator divergence as confirmed between price action and the Stochastic and RSI indicators. Price closes the day with a high test bar below a level where resistance is present. entry - below low of high test bar stop loss - above high of high test bar target - previous low
A bit late in posting, but since my entry short hasn't triggered, I though I'd write a quick post. So price met resistance at the 1.3350 area and closed underneath as a high test bar. A short entry signal is pronounced with the accompaniment of oscillator divergence on the Stochastic and RSI indicator. As it is Friday, there is a lull in the markets as usually is,...
Another short set up on AUDUSD since downward momentum on the previous set up (idea linked) failed is on offer. The present set up comes after a deeper pull back, organic in a sense, into the 50 ema which also lines up with a previous level of support (~0.7250), now acting as resistance, and the 0.618 FIbonacci level. Price closed as a high test bar. Oscillator...
On the S&P 500 and NASDAQ100 indices, closing as a high test bar in the resistance zone, and a bearish engulfing bar on the FTSE100 (UK100) stock index, a sell setup is in order suggesting potential bearish continuation on these three (CFD) indices, following the recent sell off on major indices. 1. S&P 500 The rejection/resistance zone on the S&P 500 comprises...
Although the retracement/pullback on this pair is quite shallow my reasons for taking a long position are: - Bullish/reversal bar following 2 seller bars - Support at 1.3100 with close above - 8 ema rejection/support and close above - 0.382 Fibonacci level rejection and close above - Stochastic and RSI convergence entry - above high of low test bar stop loss -...
Reasons to short USD/NZD: - high test bar close - 20 ema rejection and close below - resistance (~6700) - downward trend line rejection (third bounce) - 0.786 Fibonacci level rejection and close below - Stochastic and RSI hidden bearish divergence entry - below low of high test bar stop loss - above high of high test bar target - previous swing low or lower
With the following noted a long scenario appears to be in play: - bullish reversal bar (near resemblance to bullish pin bar/low test bar) - resistance becomes support (at ~2.3260 which stands out as a weekly level dating back to November 2009 ) - retest of 20 ema and close above - trend line support (third touch) - Rejection of 0.618 Fibonacci level and 50%...
Looking at the following to sell EUR/USD: - inside bar - 50 ema rejection - resistance at @1.1100 - Fibonacci cluster: - 0.786 Fibonacci level rejection from previous swing high to swing low and closes below - 50% retracement between first swing high at the top of the trend line and closes below - trend line rejection - Stochastic and RSI convergence entry -...
Using the following to back a short entry on EUR/GBP on the daily chart: - inside bar - resistance at ~0.7120 - mother candle rejects: - 50 ema and closes below - 0.786 Fibonacci level and closes below - Fibonacci cluster - falling trend line for the 4th time closing within the downward trend channel - Stochastic hidden bearish divergence (comparison of...
Although in a healthy uptrend, USDCAD has run into resistance at ~1.3070 which happens to be a price level on the weekly chart that has previously been tested (as support in April 2004 and resistance in March 2009). Price closed below this level on Friday as a high test bar. Coupled with bearish divergence on the Stochastic and RSI indicator a price action...
Using bearish divergence to build a case for reversal trading on USD/CAD with the following favouring a potential short scenario: - resistance (3rd touch) at ~1.2800 - bearish high test close below resistance - price reaches and closes below 1.272 Fibonacci extension level - Stochastic and RSI bearish divergence entry - below low of high test stop loss -...
A perfect double bottom with RSI divergence has just formed on this pair. There are a couple of lower structure that you have to consider for your stop loss. Be patient and good trading !
Take a look back to check out what happens when RSI 2 is below 2.5, we have movement or a close below the lower BBand, and for an added bonus, when traditional RSI 14 is in the 40 or below range. The key to this setup is to not get greedy. Once that mid BBand line is crossed, it's time to tighten the stops. Let it ride. If you're a little cautious, sell when...
Although looking a bit choppy, the bigger picture on Gold still shows an uptrend with higher highs and higher lows. Price has touched the floor at ~1180 and rejected the trend line for a third time giving a bullish engulfing and doji bar yesterday, together with rejecting the 0.786 Fibonacci level and closing above it. Stochastic and RSI are in convergence and are...
Stalking this trade made me remember the lectures I attended few months ago as a fresher. Maybe it might not be directly linked but lets just say I turned the idea of a prisoner dilemma to the Pattern Trader Dilemma. Woke up feeling great, knowing that I'm about to continue my grind, and given today is Monday I wasn't expecting a busy day.As I was analysing the...
Similar to AUD/CAD, AUD/CHF is setting up for a short opportunity with the following in view: - inside bar following high test bar in pull back to 50ema - price rejection at resistance at ~0.8210 - price retraced to 0.618 Fibonacci level which coordinates well within proximity of resistance at ~0.8210 - Stochastic and RSI in overbought territory - Stochastic and...
The AUD/JPY daily chart displays consecutive lower highs and lower lows with a potential short setup to continue the visible falling trend (supported also by downward trendline). The current corrective phase seems to be running out of steam in initiation of a potential impulsive phase, with the production of a bearish reversal price bar: - ricocheting off a...