Smashing the trades out today with G20 out of the way and the start of a new month there is some great setups lining up. Euro versus British Pound being one of those with a bearish divergence forming on RSI. As you can see in our trading view chart RSI has been forming lower highs at the same time as price action was forming higher highs. This...
EURUSD has been churning for 2 months. The triangle consolidation will break. My bet (I'm short) is that it will beak down.
I'm not expecting a clean break, as we are nestling above 2015-2016 resistance-turned-support and the weekly 200MA. This might produce a choppy environment. However, once these supports give way, I would expect a swift move to the lower...
Price failing to close above 134.00 on 6 attempts.
Double top at historical support/res area.
We have a closing bearish candle outside the triangle, which gives us another signal to go short.
Target 132.500. Stop loss above 134.200
Price action at daily resistance. ALSOOOO, the RSI is Overbought @ over 80. (TECHNICALS ARE NOW ALIGNED)
Brexit woesss!! - Too much negativity so far from the negotiations UK government are producing to EUR
Sellers should enter the market by friday. Expecting some positive fundamentals for GBP this week and next week.
$$ Take profit at a psychological number...
EURUSD - Short with target 1.1330 followed by 1.1290. Stop loss above 1.14
Momentum has turned bearish with several clues:
RSI lower lows
candle bars lower closes
shooting star candlestick on the last hourly.
Simple, will it hold?
Double top followed by 0.618 retracement after the break of the "v" point of the tops.
This also coincide with the highest high (opening) of candle seen 2017-04-23
Makes nice structure, the V point together with the opening high, and the 0.618 fibonacci.
Lets see where this bus takes us. Two targets set up.
As posted earlier today on my telegram (t.me) I'm currently short from just above 116 with targets at 115.500 followed by 115.
We see a bearish divergence together with structure and trend line coinciding. We do have a fibonacci 0.382 at 116 level aswell.
While posting this I see we're breaking the "V" low of the double top which gives us yet...
Price put in a double top, failing to close above 38.2 fib of X - A. In conjunction with fibonacci, and the double top, we have a strong monthly support and resistance area which could help us with this short.
I see high probability in this one, I am not looking for extended target(s) this time. As we could, potentially, look at a bullish (temporary?) release...
Price action has not yet told me to go long, and since there still are bearish signals to this I'm sticking to my initial target of 120.000.
So far we have managed to bag 150 pips during the last 7 days from this bearish fall.
Lets see if we can continue this pip-hunt, all the way to target!
Before I start to consider a bullish approach, I need to see a break...
Continuing bearish outlook as a follow up on last weeks successful entry
Basing this on price action struggling to close above 121.350 - 0.382 fib of X-A
IF we break out above, we will possibly find another opportunity to get short around 121.800 - 122.0 area.
Final target - 120.000
Following up on last weeks successful prognosis
I now enter a short position, aiming for 1.0620 with first target at 1.0700.
This is could however be a decision point for entering a strong bullish move, but I use the double top forming at B (see historically...
Completed ABCD with close BELOW falling trendline.
Ive been eyeballing this area for some time. My targets are as shown on chart.
Lets see if we can pull some pipage out of this.
If, however, we break and close above I will look for long entry.
Entered at 122.279
Stops above previous high
We have run into two different things here.
Firstly we have the 1.0700 psychological level where price seems to have found resistance.
Secondly, we have a 61.8% fibonacci retracement of Z to X.
Combined with these two we are currently in overbought condition.
I'm looking to profit from this breather with a rather tight/risky stop loss.