Reasons for
1.price has been trending up
2. price broke major RES level
3. now price came back and retested the level and put in a major bullish candle
4. price has put in a bullish engulfing taking out 8 hours of downside movement
5. price ready to make a higher high ?
The pair has created a bullish convergence. At least in the shorter term i think the EURJPY is going up. So wait for a double wave correction down near the 50% fibonacci retracement zone and a bullish candle on the M15 chart in this area in order to get into a buy.
Target 1: 128.00
Target 2: 128.80
SL: below 127.80
Is there any significant to tell there will a change takes place from down trend into up ones. The answer simply is YES....indeed ..but how?!!!
Let's start with indicators ,
1-Stoch. as shown has been reached the over bought area 2 times during 2 months(Oct 2015,DEC2015,Red Circles) .Is that means something..YES specially when we see the Stoch never reach this...
Wait for double wave correction near the H1 trend line and support zone around 0.7250-60
Target 1: 0.7350
Target 2: 0.7380
Stop Loss: Break and close below 0.7170
Following my post from yesterday, the market has now come back a little little deeper than where i said it would but it's still a valid long trade in terms of the structure trade i posted yesterday and if you're a pattern trader instead, the market has given you another alternative by forming another gartley pattern which has just completed. I'm still gonna be...
If the price creates another low on the H4 chart
along with bullish divergence we can go for a buy.
Target 1: 0.6540
Target 2: 0.6650
Stop Loss: Break and close below the trend line
and support area on the daily chart.
We have 2 scenarios to join this pair.
Scenario 1 - go with the break of the trend line
Target 1: 0.7180
Target 2: 0.7230
Stop Loss: Exit if price closes below 0.7100
Scenario 2 - after the double wave duplication
completes look to buy from the 0.7080-70 zone
Target 1: 0.7140
Target 2: 0.7180
Stop Loss: Close below 0.7070
Setup reasons
1. support level has been touched and bounced
2. price has left a pin bar to signal a reverse
3. bullish candle show a change in momentum
4. bounce of long term strong trend line
After break of trend line last week price came back to re-test the trend line which held up and now has pushed of it leaving a tweezer bottom candle formation in place which add too confluences.
Also weve been getting higher highs and lower highs which clearly show bullish trend and momentum
so for me i will be long on this pair
Happy trading ;)
Slightly Late Publication. Traded right into -OB and had good reaction. Expect Price to be Bearish throughout the WEEK.
Take Profit Target 1 @ 1.5380
Take Profit Target 2 @ 1.5200
Tage Profit Target 3 @ 1.5100
Watch this space as I will be posting more ideas to support this view and I will also be frequently small short entry opportunities and possible scalp...
Simple is easy and has a better understanding !
Aussie dollar 4 hourly trend line and channel support indicating a good trade opportunity with stop below 0.7300 for 0.7465 and 0.7525.
Good Luck !!
GBPJPY found support at the 178.0 level. If you zoom out to weekly chart you would see a huge upward trend channel started back in 2012. It's a good opportunity that the trend holds and we see a upward move. From the fundamental point both National Banks BoE and BoJ are holding their interest rates at a record low.
TP1 185
TP2 189.4
SL 177
New Zealand Dollar is in a downtrend since topping at 0.88 in mid 2014. In the last months the downtrend slowed down after breaking major support line. I aspect a continuation in the downtrend to 0.760 (likely) to 0.750 (not sure but possible). At this level a plan to buy this pair. The next major support is at 0.74-0.73 (orange line).
Best Entry at 0.76...
