Price is currently trading around the 0.8570 region. We have seen strong rejection off 0.8564, combined with key level, trendline and 61.8 fib level bounce. If we see a bullish candle close buyers could take control. A break through could see a test of 0.85. We remain bullish on this pair having bottomed out on the HTF and rising COVID cases weighing on the GBP.
Strong Bearish weekly closure.
Daily chart is in an uptrend but retracing, could potentially retrace to previous daily resistance
H4 - chart in a downtrend.
30m Chart - 100% retracement of previous move to the previous level of resistance presenting a shorting opportunity.
At first glance this might seem like quite confusing, let's break it down for you!
We have several key levels in price marked on the chart.
We have identified the 1.40, 1.41 and 1.42 key psychological whole levels.
We have a Fibonacci drawn to highlight a potential long entry. Drawn from the swing low to the swing high, you can see the potential long entry has...
We could see a retest of previous resistance here at 109.25 followed by rejection and continued bullish movement.
Will look for:
- Rejection off of previous resistance
- Rejection off 61.8% Fibonacci level
- Bullish confluence among indicators
- In line with the current uptrend
- Bullish fundamentals
Possible long oppotunity on AUDJPY.
- In line with the current uptrend
- Positive confluence among indicators
- Price action confirmation; 4 touches on trendline (4th touch can be seen prior to Feb 25th 2021)
- rejection at the 61.8% Fibonacci level
This sets us up for a high probability trade, I line with the strategy.
Lets see what happens!
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...
Just sharing a position I have just taken on GBPAUD long.
Price has broken out of the descending triangle and has managed to hold momentum outside of this pattern. It has had a lot of volume behind it so there WILL be a retracement in price - Not to worry though.
GBP is strong across a lot of currencies, and AUD weaker across the pairs I follow. Also there is no...
AAL broke out nicely from the previous resistance (now support) level on a long bullish run. Price has retraced and formed a descending triangle.
Lots of confluence to support a long here. With a TP a the previous high, just pre-gap. My entry at this stage would give me a 72% gain at a Risk to Reward of 7 to 1.
A trade with this R:R ratio means that you could...
Last week gave a break to the downside of an ascending channel on this pair. we also took out (and pulled back) an ascending Trendline in the process.
What i like about this setup is that the fib ext targets sir right on the low of the previous rally.
Fridays daily close also presented a bearish engulfing candle.
We can see the MACD gave a clear indication that...
This is my analysis for this trade, I post up all analysis on tradingview to keep track of my work.
On this pair i have a falling flag at the end of its run.
Break out forming the inverted head & shoulders.
now price has broken the neckline of the H&S looking for the retest to the go long.
i feel that price will consolidate for a period, then resume to...
Big downtrend instigated by Supply level, circled on the right. Down to a demand level, which started new uptrend with Higher Highs and Higher Lows consecutively.
Buying power has now pushed back into the supply level, unable to form a Higher High. It has now formed a double top and begun its downward phase. Just touching the 20ma aswell, and the MACD is...