We discussed this market last week and the fact that price was looking to pullback into the major support level and 50% Fibonacci level.
Now price has pulled back into this level we can see a bullish engulfing bar and rejection candles have formed rejecting the support.
As yet there has been little follow through and for a move back into the recent swing high...
Looking into the higher time frames we can see that we broke the bullish flag formed and are now sitting around the key level of 105.500 waiting for the markets next move. The last daily candle closure was a bullish engulfing candlestick suggesting price may want to continue up into the key structure marked after making a slight pullback. If we don’t see this and...
Although my overall bias on this pair is long (higher time frame - monthly level break), a Bearish engulfing candle at a level this strong feels too good to ignore. I have a very effective method of trading engulfing candles, this means i'm already in and already risk free. We also have divergence across the last two peaks.
1) Change in market structure with price forming LH along with long wick candle rejection
2) price was in a bearish channel ( HFT correction phase)
3) Price touched weekly downtrend line (major Zone)
4) Horizontal resistance
5) Price broken out of LFT correction at 1hr time frame
6) Mini HSD pattern with price retesting the neckline in a 15mins bearish...
Good Morning all. I hope this message finds you well.
Yesterday i got faked out by this pair, nothing major.
Today I placed a buy position as price is greatly oversold. Lets see how this one plays out - looking to hold this trade if the momentum is strong.
Advice for today:
Trading without a stop-loss is financial suicide. Always protect your capital no matter how...
Suspected change in sentiment from bearish to bullish following consolidation, break of prior high and engulfing candle. Take profit sitting just above 100% Fibonacci extension achieves potential 1:3 RRR.
eur/jpy broke previous support which has become resistance and is acting as supply zone due to bearish engulfing forming. Waiting for price to reach area of value so i can get better entry in going short.
Buy Wood Group (WG.L)
John Wood Group PLC is a United Kingdom-based energy services company. The Company provides a range of engineering, production support, maintenance management and industrial gas turbine overhaul and repair services to the oil and gas and power generation industries.
Market Cap: £2.3Billion
The long-term trend does not paint the best of...
With the overall trend being down on the Daily TF
There have been numerous test of this 0.64 level and there is a nice shooting star candle followed by an engulfing candle.
IF this current 4HR candle can finish like this then i will be taking a short trade along with other reasons for my entry
Any questions feel free to ask
If the daily candle can close engulfing then i will be going short.
-Still uncertainty over the Dollar strength with the Chinese trade war going on.
-Struggling to break through the 1. level
-Each push towards that level has gotten weaker and weaker.
Lets see how it plays out.
Any questions feel free to comment or message.
Looking to go long if this the current 4 hour candle can finish bullish..
if it doesn't happen will look for a different candle stick set up but will have to be at the same level to complete the inverted H&S pattern.
Any questions feel free to ask