usd/gbp seems to create a divergences as well has creating LH's and LL's on the 4hr timeframe.
Waiting for price to create another LH so I can enter short at that moment. The reason I've placed my trade there is because 50 ma holds that level very well so I am hoping that price reaches 50 ma and drops.
on the gbp/usd, I drew up some basic s/r lines which have been tested both ways e.g (support being tested for resistance and vice versa). The support line where price has touched seems to have respected that area so I am hopefully preparing for a set up.
There are two outcomes to this, either price breaks support and retests the support zone below it OR price...
on the eur usd, long term movement is definitely bullish on the weekly and daily timeframe. Price seems to have made a large impulse move while being driven out from that huge resistance zone and has made a corrective move on the previous support zone which was also respected from previous data.
Delving into the daily/4hr chart, price made an abcd pattern so I...
on the 4hr chart I noticed a really nicely formed head and shoulders pattern come up which than turned into a newly formed support zone inline with the fib retracement of 0.618 so I can safely assume price will hold this support zone and go straight up.
AUDJPY has arrived on my daily trendline. Currently looks like an inverse H+S formation forming, a good entry area would ideally be around the 77.660 region. With Long targets up to my counter-trendline.
if price goes below previuos HH(where bearish momstarted, look for short term LL and break of res) Current pos: formed a HL - break of decending trend look for structure change, enter on HL - ride t othe Highs of HH and maybe to break because on Weekly, its above structual retest area so could go long like a lot.
I have spotted another bullish flag pattern on the cad/jpy market as well. Please make sure to check this timeframe and check on the 1hr timeframe as well for entries because I found out that I'd already missed the entry from when this was posted.
on the usd/jpy market I went onto the 4hr market and saw a bullish flag opportunity which was showing the text book definition so I went ahead and placed were I would like to enter the trade. I have also added in the stop loss and take profit as well.
Please make sure to check the analysis on the 4hr chart and check for entries on the 1hr chart as well thanks guys.
Fundamental Analysis: Although at the beginning of last week there was a decent bullish rally a lot of ground was lost towards the tail end of the week. Depending on how much time is spent on the trade it should be unaffected by scheduled economic events apart from the CPI release on Friday. Brexit always remains an uncertainty and strong volatility can always be...
Currency Pair: EUR CAD Trend Predicted: Down Trend, SHORT. All major indicators are showing a Strong Downtrend of EUR CAD. Multiple indicators have been used, including More updates will be available shortly Bollinger Bands and 100/200 SMA.
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cadchf sees support holding up nicely several times in the past days/month and now the market has formed a falling wedge pattern which compliments the support line that was currently tested.
rick reward is 5.5