Currently USDJPY is looking to be a short position as its broken trends and resistance zones if the price retests to the previous support and respects it as a resistance level the price should continue to go short however if it breaks back into the upper resistance zone i will lead it back into the trend that it broke out of and is a possible long position.
Since price acion's previous breakout to the downside and close below the 1.77600 zone Price action has now retraced back up and is currently retesting This previous support zone which now may act as a potential resistance level.
Price action has now seen a rejection at this level signing a possible continuation to the downside!
Last post: June 24th. See chart.
Review: Price had pulled back to the daily 20sma which was acting as resistance.
Update: Price has bounced off the 20sma and produced a potential bearish engulfing candle suggesting weakness.
Conclusion: Continuing to stand aside until pivot support is cleared and price moves towards 1.3000.
Any comments or questions, do...
on the daily chart EURNZD is in oversold condition and it's also testing a key structure zone. That's why i've highlighted the yellow box that you see above. In cases like this, i like to go on smaller timeframes looking for additional clues to take a trade. In this case i've found multiple hints: first of all, on the 4H chart we can see a couple of...
New trading suggestion:
The price is in an up trend and we forecast the uptrend would continue.
But there is possibility of temporary retracement to suggested support zone (0.000235 to 0.000187), if so, traders can set orders based on Daily-Trading-Opportunities and expect to reach short-term targets.
Beginning of entry zone (0.000235)...
i've been looking at this pair often lately, and i'm still looking to sell this because i think we need to see a relief rally before eventually continuing to the upward direction. At this moment, we're testing a very strong resistance level, both weekly and daily, and we're doing so in overbough condition (heavy overbought). On a lower timeframe, such as...
i've been looking at this pair for a long time now. First, i've missed an opportunity to go long at the 82.00 level. Then, i saw price climbing up toward what would've been our potential target for a big pattern that was completed on the higher timeframe, namely the daily tf. Now, price has touched the 38.2 level of the bigger leg and has shown some...
here on CHFJPY i think we could be standing at the top of the movement, and therefore i'm going short from this level with stops above the highs and targets as shown. This decision is made starting from a higher perspective on the daily timeframe where we're testing a previous structure zone that could act as resistance at this point. Here on the hourly...
on CADJPY we're facing a good level of structure on the daily timeframe: in that zone we can see we've an RSI divergence pointing in the short direction, together with a small 1hr double top and a 4hr engulfing candle. Short with stops above the highs and targets as shown.
If you have any question/idea, feel free to comment below.
Otherwise, see you in...
here we are, looking at AUDUSD and searching for a reversal pattern on lower timeframes. That's because this pair has reached a key structure level on the daily timeframe and that makes me believe we could see a rally off of that level. Of course, i want to have additional confirmation before entering a trade and here you can see a small period of...
this is a live trade example. As you can all see on the daily chart, price is up to retest a key structure level that held three times in the past. For this reason i was very cautious going short (the more a structure is tested the weaker it becomes) but right now we have an additional signal in the form of a second retest of a previous high with an...
Recent resistance has been broken and it's looking like the current Bullish engulfing is rejecting the past resistance as current support. As always, 2 to 1 reward to risk to target the recent swing high .