After being stopped out at breakeven on my last EURUAD trade I am now looking for a second entry.
The bearish 4hr trendline has been broken and today a higher high was made on the 4hr. I am now looking for a long trade on the next higher low to take advantage of this new trend.
All analysis is marked on the chart and my entry is going to be around 1.57650 if...
Out with another range trade on US dollar being oversold- this time Aussie Dollar sell versus US dollar on a combination of techincal indicators and chart work. On our chart if you zoom out slightly you can see the long term descending trendlines in purple which is being respected yet again with volumes slowing as we head to the top of the...
Strong resistance can be seen, and the current candle is at this level now, price going into this level is not overly strong so we can only see price respecting this level and making bearish movement.
Get on this trade and thank us later :p
See how easy trading can be? keep your charts simple and clean and you will spot good setups.
Short trade set up with good R:R ratio and it should also provide scale in opportunities when the 4hr trendline is broken.
Entry 1 is on the Friday daily close with a large wick rejection candle.
Entry 2 is on the 1hr lower high and rejection of previous support/resistance zone at 79.200
Targeting previous daily/weekly lows at 77.500 if the 4hr trendline breaks.
Simple trendline break and retest trade set up.
The trendline is more accurate on the 1hr timeframe but its easier to see and enter on the 4hr.
4hr rejection of Fib 0.618
Rejection of broken TL
Targeting the Fib 1.618 extension level first.
2nd Target is 1.60600 resistance zone.
Good morning traders,
Today we are starting with a look at Aussie dollar and US dollar.
After positive Chinese growth data came out overnight- GDP and industrial production both beating estimates- Aussie dollar spiked up to the 0.72 area where it has previously found strong resistance both from the psychological aspect of a round number and this area coinciding...
FORMED A WEDGE AND WE ARE CURRENTLY IN A BEARISH MOMENTUM
I WOULD LIKE TO COME TO COME TO THE PREVIOUS SUPPORT ZONE WHICH WILL NOW BE THE BUY ZONE
ONCE WE REACH THIS ZONE I DO EXPECT THE BEARISH TREND TO COME TO AN END AND START SHOWING SIGN OF DOJI/HAMMER CANDLESTICKS READY FOR A BULL RUN
IF WE DO NOT TOUCH THE BUY ZONE I WONT BE LOOKING TO TAKE THIS TRADE
We are expecting to see price drop into our support zone ( purple box ) there is good bearish pressure at the moment and the zone we have marked on our charts is a strong support zone.
Simple charts allow you to see setups more clearly, don't be fooled by these people who have 10000 indicators on there charts, yes that might work for them but simple really is...