Looking to go short US dollar versus Swiss Franc as the pair tap the descending trendline that has held since April and is highlighted in our trading view chart . The re tap again yesterday coincides with reaching overbought levels on stochastics. Given the market has been challenging recently we have have waited for confirmation of a cross over...
from a bigger timeframe, we are in a correctional phase but price looks like it will make another move to the upside before sellers come in.
price made a big double bottom and a smaller one on the 15min which gives me enough reason to go long. Waiting for breakout to confirm bias.
Things I look for in a valid double bottom formation:
- Second test which completes the double bottom fails to make a new low
- Price must close above the highest point in the double bottom swing to initiate the buy trade
uk oil has been in downtrend for a very long time now with price making a bearish flag on the daily chart.
Waiting for price to complete the bearish flag with one more move up, I say this because price made a double bottom and retested previous support so I am hoping price does the same before melting down at the top of the flag...
EURUSD (4H) is flashing both a double bottom and a curve. Both together suggest greater probability of a move north on this time frame only. Expand chart for a better view. This is not a prediction.
Supplemental: if EURUSD moves north expect the DAX to head south - this is the general rule, but can fail.
Yesterdays trading posted a hammer candle as EURUSD failed to reach the 7th of March low and we are now back above key support at 1.12000. The hammer candle is a bullish reversal signal and is a good sign the bulls may be regaining control. The 1.12000 support level also coincides with the 61.8% Fibonacci retracement level of the entire bear market that ran from...
On the higher timeframes such as the daily chart we can see that NZDJPY seems to be consolidating between 75.00 and 76.50.
We can see that on Friday price closed giving us a decent low test candle on the daily bouncing off our support level (75.00) forming a beautiful double bottom pattern. Ideally we would of wanted the body of the candle to be smaller or a...