Market structure was broken yesterday on the daily time frame. It is clear on the 4 hour time frame to see a double top formation at the 1.127 level. We saw the pair plummet down to the 1.122 which is a well respected support and resistance zone. A clear break straight through this level and retest has now occurred. Take profit set at the 1.112 level which is a...
Price has just extended an expanding triangle and approaching a double bottom.
Keeping an eye on the nature of the candles to see if it forms a reversal descending channel.
Looking for an entry on the double bottom value area. Lots of room to the upside.
Looking to go long on USDCAD H4 timeframe. Looking for a potential double bottom or reverse head and shoulders as well as the short term downtrend line being broken. D1 trend is an uptrend, and price is hovering near that support level now. Appropriate profit targets could be 1.32715 and 1.34460.
Trade at your own risk
daily chat shows price consolidating in a triangle so I went into the 4hr/1hr and saw price rejecting yellow trendline.
Price then made a double top so waiting for breakout and retest to confirm trend.
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
Potentially long position on USDCAD H1 timeframe. Potential double bottom forming at a major support level. Wait for it to become valid before buying. Price has very nearly hit the upwards trend support level, shown on the H4/D1 timeframes. Stochastics is showing as 'oversold' and RSI is reading 34%.
Trade at your own risk.
Short opportunity for AUDNZD on H1 timeframe. Double top forming at major resistance level 1.04990. Wait for double top to become valid before selling. A solid profit target would be 1.04310. Stochastics have just exited 'overbought' and RSI is reading 60%.
Trade at your own risk.
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...