I'm new to TradingView and have only been researching for a few days so feedback is appreciated.
I've marked my 4 Hour Support & Resistance zones (In Green & Red respectively) of which the points touched are highlighted with coloured arrows.
There is evidence of a bullish trend line despite not being as prominent as I'd of liked, I've plotted it nonetheless...
In the analysis, I put together three strategies. Usually I use 3-4 concurrent strategies. The green line is a wave strategy, the white line is the ATR strategy, and the yellow rectangles are the fractal strategy. I do not like to omit all three strategies in the figure because it drives attention to the actual exchange rate movement. However, because of this...
On the daily time frame, Once 1.60500 was broken above, I initially believed my bearish bias was invalidated and we would see price obtain new highs. However, to be a great trader we must become un-attached emotionally to specific ideas and uphold flexibility to be able to quickly shift our bias.
As previously mentioned on multiple occasions, 1.60000 - 1.62000...
Break and retest of TL, nice rejections from the 0.618 which confluences nicely with a supply zone. Head and Shoulders formation on lower tf's which is a nice confluence for our sell, as well as divergence on the 30m RSI. SL an ATR above the wicks and TP is aiming for a retest of the lows.
Another great potential to trade the h4 support zone aligned with an ascending trend level also this bias goes hand in hand with our EU mark up and it also shows potential to trade the bearish structure again mirroring our EU set up. Excited to see how both these pairs run on the open market.
EURAUD moving in a huge daily range, daily rejected the top of the range with an engulfing candle and a rail pattern, price crossed the trendline and 50ema on 4h, then rejected the pivot with the 50EMA on the 4H and on the 1h and this everything is topped up by a broken wedge pattern printed on 1h.
Targeting bottom of the daily range
Here we have a low risk trade opportunity presented to us on EURAUD.
Price has broken above a descending trend line & is retesting the trend line from the other side as support.
Long trades would be closed upon a bullish hourly candle close & a stop loss would be placed tight below the trend line.
We will post updates as this trade progresses.
EUR failing to break 1.14 on EURUSD again taking it lower on that pair and likewise failing to breach high from early February. More poor growth data out of Europe with sub 50 Manufacturing PMI data. Pair also running out steam at top end of RSI range
Patience pays, remember every level will eventually be broken. got some positions in (0.01 lots) there are 2 scenarios here.
1.My stops will be hit.
2.My tp will be hit.
either way i have accepted a loss before ive accepted a win.
Abit of advice from a noobie, before you take a position dont have expectations. so dont go into a trade with winning in mind....
As you can see price just reached the key resistance level on 4h chart where the price has reacted on a number of occasions as a support and resistance. I will be shorting from here with a potential tp1 around the next support level.
Trade safe and good luck.
Orange = support
Purple = resistance
It is crazy how well this pairing respects strong support and resistance levels, if you are a beginner then defiantly stud this pairing and GBP CAD as they show more respect to these levels than any other pairing.
Now we set some orders at both these levels and price has just touched our sell order so we are now live and will...