AUDNZD has shown an uptrend for approx 3 weeks. Today the sell off has provided an opportunity to jump on the back of this pair. See rationale below:
1) Near term uptrend
2) 100 EMA on 4hr (Red Line) has historically been a good place to buy
3) Indicative trend line drawn (However confirmation required from price action)
What am I waiting for?
Price to close...
Waiting for GBPNZD to breakdown and retest before entering. See post below for a breakdown of what happens last time GBPNZD was in this pattern.
Stoploss: Above the previous high
Target: bottom of the pattern
Those who win at the Forex game are those who are able to build on their case to take a trade, whether it be fibonacci, moving average, patterns etc. The more confluence, the better. This is why it is important to always wait for your confluences to line up before taking a trade.
For this particular trade, those who were waiting for the third touch of the upper...
We didn't see our retest confirmation to enter a long position following the Interest rate decision pushed GBP higher on Thursday.
We are hoping to see some retracement at market open before price once again pushes higher on this pair.
Before the full confirmation for the breakout, we will see a big candelstick with big volume,
so it so important to trade with TP and SL,
we will keep watching the pair, and analyse it's movement, until we get the full confirmation if it doe's,
Looks like support levels are holding well with gold. With continuous bearish movement on TVC:DXY we can expect to see some bullish movement on gold. Will have to weather confirmation line is tested, from there can be certain on bullish movement, id imagine testing FOREXCOM:XAUUSD 's 2000 level again.
the highlighted zone is an area of interest to me. I am not just looking to buy at this level. My bias may be long but i need to find a confirmation to enter the trade. (DB, engulfer etc)
This is a trade setup that i found and identified on a 1 on 1 session with a TeePee Student.
2 weeks ago this pair broke the weekly resistance level (now support) my overall bias for this long term (for now atleast) is long, however, with the price action weakening more and more, and the pair approaching a daily level, i will be looking for confirmations of a short. MACD shows us weakening of the rally through each push higher across both the HISTO & the...
XPTUSD (PLATNIUM) Possible Head and Shoulders Reversal Pattern
Long Period Of Consolidation
Wait for a break of this current consolidation and enter at the Head which is at 910.00 or wait for the confirmation of the Right Shoulder
Patience , let's see what price does
I used support and resistance on the 4HR timeframe to see where price could go next. My analysis shows that it may be bullish if it does bounce off of the support trend line. Plus I will be waiting for confirmation before I enter the trade. Let me know what you guys think.
Although I will not be trading it due to my account size not being able to cover the Daily Stop Loss, the pattern has confirmed. I would expect price to retest the right shoulder low before driving up beyond the neckline. Please leave a comment if you see a reason why it would not be valid.