- No major new highs since strong downtrend
- Retesting .72400 region
- False breakout may reverse price back into previous resistance
- May continue reversal from weekly downtrend at .73900
- Target 1: 0.71900
- Target 2: 0.71600
- Target 3: 0.70900
- Stoploss: 0.72350
Here we see two options;
1) a Long opportunity using the Ascending Triangle Pattern.
Here we will wait for an upward break back into the support line.
We then anticipate a rally up towards .72800 and prepare our entry and exit strategy.
2) a Short opportunity using the Double Top strategy.
Price retests resistance line twice but is rejected back to ...
Expect double top forming at resistance.
Sell at Resistance
Following Trend (in case of False Breakout)
Double Bottom at .70542.
Closing Descending Triangle
Buy at Support
As we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=0.722.
But the short term forecast is range bound, so we expect to reach the following targets:
Set the stoploss of these orders at breakout of S2=0.72.
Stop and reverse:
If trend gets reversed, sell (stop) orders will be opened at breakout of ...
Using support and resistance line I can see that the price is current trading within a range using its previous resistance as support. Target 1 marks the top of the range where slight resistance is expected.
While the price is above the support 0.7020, beginning of uptrend is expected.
We make sure when the resistance at 0.7445 breaks.
If the support at 0.7020 is broken, the short-term forecast -beginning of uptrend- will be invalid.
The RSI resistance #1 at 56 is broken, so the probability of beginning of uptrend is increased.
What a great opportunity for shorting, right at the beginning of a trend .With a double top, macd squeeze, under ema, mtf are all confirming red (short) and higher timeframe daily strong down trend. Hope you found this helpful please comment if you have any input. Risk management is the key to success
Low objectives likely reached and therefore we are looking for upward expansion.
The high probability entry is once support is found above Mondays High.
Target Swing Highs to the left.
Original idea by Ribz
I believe there is a high chance of a short setup on this pair. I will be watching this closely as we have rejected the trendline drawn. I have drawn fibonacci retracement potential also with the D leg extension. This pair has rejected the weekly support numerous of times also. There is a high chance that this pair will go lower than the daily support region. ...