Daily charts represent series of data points where each data point is comprised of the price movement for a single day of trading. This chart type has been used for a long time by traders and typically applicable for swing or position trading.
AUDUSD buy set up -
Market currently on a down trend on a Daily and 4hr time frame. However on 4hr market shape has indicated a falling wedge.
Which is a sign of a potential reversal coming up. Looking at the market to break out from 4hr resistance trend line and to go up to Dialy resistance.
However if that fails the next reversal will be at daily support of...
EURJPY buy set up - Daily chart
Daily chart, buy from support zone which sits around 122.530 and 122.570. Target for this trade is up to resistance trend line. Market currently on a downtrend for a bounce of Support that has numerous touches making it very strong reversal point for the market. This trade will last minimum half a month and can go on for a few...
NZDCHF buy set up -
Buy from daily zone (blue) up to resistance trend line. Support trend line is currently favouring Daily zone in terms of entry. Going back in histroy Daily zone holds quite well with numerous touches making it a very good support area.
Following the short on GBP/JPY which bagged over 200 pips there looks to be indication of a similar move on GBP/AUD possibly returning over double.
This pair has been stuck between the 1.87 and 1.73 area for over a year and a half now last month the resistance was retested however failed to break through resulted in price being stuck in a downwards channel....
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.
I see AUDNZD near a critical ATR trend indicator position, just above an 'investor zone' and in a critical congestion zone. The probability is usually for the south in this situation. This is not a prediction.
As this is at the end of long trend south. If it moves south at all - I do not expect much travel south before rebellions north. Price sometimes rises...
usd/gbp seems to create a divergences as well has creating LH's and LL's on the 4hr timeframe.
Waiting for price to create another LH so I can enter short at that moment. The reason I've placed my trade there is because 50 ma holds that level very well so I am hoping that price reaches 50 ma and drops.
on the weekly and daily, I have seen price is in a ascending channel with price retracing to a support zone inline with the fib retracement of 0.618. On top of that, an inverse h&s appeared as well which is inline with the analysis as well.
on the gbp/usd, I drew up some basic s/r lines which have been tested both ways e.g (support being tested for resistance and vice versa). The support line where price has touched seems to have respected that area so I am hopefully preparing for a set up.
There are two outcomes to this, either price breaks support and retests the support zone below it OR price...
on the eur usd, long term movement is definitely bullish on the weekly and daily timeframe. Price seems to have made a large impulse move while being driven out from that huge resistance zone and has made a corrective move on the previous support zone which was also respected from previous data.
Delving into the daily/4hr chart, price made an abcd pattern so I...