Hi all, hope you all had a great weekend and ready for a fresh week on the charts.
The entry price, stop loss (in pipettes) and take profit are shown on the chart itself.
Just something I'm working on in Pine script, I'll share as many trading ideas as and when I can, so I can document my progress.
My name is Al, I'm 40 and from the UK.
I've been trading for...
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- Progressively higher lows being matched with lower highs, anticipating breakdown and retest before push towards first key level
- Last saw these kind of highs back in 2017, displaying signs of AUD overbought, taking profits among bulls may help drive price to downside
- TP1 based on areas of key reaction (support or resistance) in previous price action,...
This basic head and shoulders pattern after a huge impulsive move to the upside seems too obvious to be the catalyst for a trend change.
I would expect price to at least come up to test the previous high once again before it considers selling off.
So in this example AUDJPY SHORT
1. Is our Bankers box range
2. Is the break out and taking of the liquidity of the high/low of the bankers box range
3. Is our flag pattern movement back in towards our entry area the money zone
4. Is the drop or the expected price to respect to
Take partials on way down
I am expecting a strong sell off on AUDJPY but It won't go without a fight. We could expect the price to push up into a lower time frame order block before reversing to the downside. This would wipe out the majority of the selling pressure from the area of interest.
I expect JPY pairs to correct across the board soon, most of them are very oversold. On this pair RSI is very high even on weekly timeframe, same goes for CAD, EUR, and GBP to JPY. All these pairs are at resistance levels, GBP/JPY is actually surpassing the resistance level as well so that is further reason to see a pullback.
I am not entering shorts personally...
On the daily time frame, you can see the price has approached a resistance zone. Price has approached this area in a corrective pattern indicating there's a possibility of price moving to the downside. Price will be approaching a key zone of horizontal resistance and vertical trendline resistance = double zone. We need to wait for the price to create...