looking at the 4H chart you can see a double top forming, price hasn't closed above the double top since 20th march. I personally don't see this as a valid setup and won't be taking the trade unless we see a strong close below 146.27. looking at the daily chart we could still push further up as Fridays candle has closed quite low so I am anticipating movement...
The position to be immediately executed is short UKOIL due to the fact it is trading near a previous resistance level which is seeming to be a good market structure level to enter from. The RSI again is not very helpful in conformation but the MA shows us that the price is trading above and therefore price could potentially need to let off steam before continuing...
Following bullish three point correction wave on 4H
pair has put in clear double top , with bearish divergence on RSI . Price action has already broken below structure support signaling further decline. Im looking for price to pull back to broken support at 0.69000, which also happens to be 38.2% Fib Retracement. ATR based...
On the aud/jpy short set up, I see a potential bearish reversal.
Price seems to be in contact with the resistance zone several times so I'm going to go ahead and suggest price will be driven lower hopefully towards the newly formed lower low.
Fib shows 0.382/0.618 retracement depending if you've used the lower low body or wick. Delving into the lower...
Option A price correctively moves to the upside slightly breaking the High and then Retracing.
Option B Price Rejects off the Double Top and drops.
I am only looking for selling opportunities due to the HTF Structure.
Double Top at 1296.76, Sell Limit Could Be On The Cards At 1300, As Believe It Will Spike Above It And Come Back To Reach That Support Of 1265. Depending on the state of the economies, Gold could fly up as a Italy, UK & US are very unstable. Predicting a pullback and US dollar to gain a bit of strength especially against the Canadian dollar. A Buy Stop Order of...
Little bit of different setup this time.
I see it as potential double or even triple top with decreasing highers as the sign of potential trend reversal and rally down.
The fact that it is third top is little bit diminishing the risk/rewards ratio, therefore I will adjust and close the trade in the first signs of incorrect judgement.
Also it could very easily...
Expect double top forming at resistance.
Sell at Resistance
Following Trend (in case of False Breakout)
Double Bottom at .70542.
Closing Descending Triangle
Buy at Support
What a great opportunity for shorting, right at the beginning of a trend .With a double top, macd squeeze, under ema, mtf are all confirming red (short) and higher timeframe daily strong down trend. Hope you found this helpful please comment if you have any input. Risk management is the key to success
Unless something miraculous happens for Intu that makes the bull trend continue I think we could see the price of Intu shares drop even further.
Wait for confirmation of the double top, if we see the price climb higher it will invalidate the setup. I'm looking for confirmation around 174.5, just below the bottom of the red candle of the 7th October 2018.
Over the next weeks or months I predict the price of Middleby (MIDD) could drop lower, following the confirmation of a possible double top or triple top pattern.
Like the idea if you agree and let me know what you think in the comments.
it's been a long time without posting. I've continued doing some analysis on the italian section but i've not had the time to publish my analysis here also. I'll try to publish more on the following weeks.
I'm back with a very interesting analysis on AUDCAD. I'm not used to trade on Friday but i wanted to bring you something because i think it represents...