Firstly, I identified the general downtrend then looked for key support and resistance levels.
These levels were dynamic and consistent with the downtrend.
The entry was set at the first level of resistance with the TP being closer to the support level.
The SL was set at a key level where previous support had turned into resistance.
We've broken support here at the start of the week and already offered a retest.
Another potential wick retest could be great, effectively offering a us a maximal short entry with a lucrative RR of 1:6. Need to make sure we don't close and set a new HH though.
Shorting down to support potentially, and then buying back up to the zone we could...
DXY is set to continue getting stronger, gold seems to be getting weaker. This is bad news for the the Aussie Dollar.
There's a head and shoulders structure formed on the daily with the neckline formed roughly around 0.76.
Last night, we broke the 0.786 level that was previously a 4 touch support. This is a perfect place to short due to:
Strength of the...
PoundAussie PA has been moving down nice and corrective on the higher TF. There are a lot of equal highs and equal lows forming, these will get swiped with all the liquidity above and below them. I will be looking for continuation patterns on the lower TF. The easiest way to trade GA is to dissect it into stages to make it more visible to see the patterns, The...
Well, it is one candle at the leading edge. We cannot know if it means anything until stuff happens. Those who look for predictions that foretell the future are in the wrong game.
In trend-following methodologies, one would ride an escalator down or up - on a smaller time frame that that shown here (to conserve losses).
When you zoom out of this chart, you see...
AUDJPY broke the minor ascending trendline and now we can short for the short term. Once price breaks the correction, put SL above the correction and actively monitor it on the way down adjusting TP to BE and profit.
See links below for more chart mark ups.
Identified a clear bullish trend and key support and resistance levels.
Currently prices have bounced off support level but there is still time to get an entry before an impulse move to the resistance.
Fancy a short term long into the weekly res here.
Take a look at that wick on the 1W chart from last week, it's juicy.
Entered a zone of consolidation here, see if it breaks to the highlighted fibs or bounces
A lot going on here with the Aussie dying this week.
We have a trend line, dating back to the March crash.
Then we have a zone of consolidation between the daily support and resistance.
All depends what holds, the short term 61.8% or whether we go to revisit the long term swing 61.8%.
Given how extended the markets are, I'd fancy shorts all day here!
There is a bullish trend on the WEEKLY timeframe for the AUDUSD pair.
On the DAILY timeframe there has been a couple of different support and resistance ZONES.
On the H4 timeframe we can see the 1 and 2 ZONE.
Currently, the price has extended to no man's land.
The final candle shows that there may be some bearish pressure as indicated by the bottom wick.
I show what happened after two wedge formations. Note carefully wedges do not rule the market. The create probabilities not predictions. Wedges do fail.
There is hardly ever a perfect wedge pattern. The most recent one doesn't look too great. Price can fall out of a wedge and rock back in as you will see. Therefore trendlines drawn have to be estimates.
Don't be put off by all the charting, let me break it down.
Firstly what can we see?
The blue line is a weekly trend line dating back years which as you can see, isn't breaking.
This is followed up by the daily support in grey.
In red, we have a Bullish Flag pattern. Buys on the break of the high of the flag is favoured with clean traffic.