Managed to catch a nice 5.5RR on this pair today, decided to get in and out with the uncertainty of the pound.
Very simple elements:
Stop Hunt Fib
With a target of my key level (well just above as we don't always have to tap it exactly)
Possible fakeout of TL on D TF:
Bearish divergence on MACD as well as RSI indicating a continuation of trend, no signal of crossing on either when breakout occured.
ATR of 24 at point of breakout (25< is considered consolidating) which has decreased since.
SMA/EMA still show a downward trend with 4H having just crossed down.
Possibility that we are ranging at...
Reasons to sell
Strong resistance level at $1.90 - $2.00 currently being rejected once again with a 4th touch.
Looks like there was a fake-out move around the 23rd-24th March with price breaking out of the strong resistance level previously mentioned.
Weekend (saturday) and nearing end of monthly candle closure where a correction usually happens
New pair on the analysis page!
We've seen a long term uptrend on the pair. Price currently trading in a range with price failing to make new highs (aside from the fakeout). Will see more bears enter the market during next week.
Many AUD pairs at the top of their respective ranges including AUD/JPY - see our previous analysis on the pair!
So now we can see what has happened and what went wrong on our trade yesterday. We can see how price pushed up through the zone to gather more liquidity. The price faked out through our zone, trapped the buyers and reversed. Nothing to worry about - only a 1% loss. IF he had a higher stop loss we could have managed to stay in it. 1925.00 was a key level for gold.
I am still not 100% sure if this pair has shown signs of a fake breakout, we will need to monitor the price on Monday and wait and see whether or not price wants to continue ot respect the ascending trend line or trade outside it again. Definitely one to keep on your watchlist, lots of potential for an upside move here.
COT Data - 72% Short
We won't be trading today but this is a potential setup you could take. We may have witnessed a fake breakout of the ascending channel on the 4HR time frame. It is possible that the price could now decline aggresively.
After making a nice trend higher on the daily chart, price has stalled into a sideways box pattern.
After trying to make a breakout higher that ended in a fakeout, price is very much stuck at the moment.
The best play looks to be to watch this pair until price makes a clear break out of this congestion and shows some clearer price action.
Price attempted a breakout higher in this pair last week that turned into a fakeout with a daily bearish 2 bar reversal.
Price was looking to breakout higher and through what has been a tight ranging period.
Now price has moved back lower into the range, more sideways price action could play out.
In the short-term the intraday price flip level we discussed last...
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...
Looking at a potential short trade on NZDUSD, if you love trendlines you will like this chart! We have a medium term upwards channel. The thicker trendline above is a longer term trendline and it looks like there could be a fakeout on this one. Finally we have a shorter term upwards trendline in which price has broken out of and now I am waiting for a pullback...
As you can see, BTC has gained a lot of selling pressure over the last few days. Perhaps due to bigger participants taking profits after we hit the psychological number of 9,000.
The ADX shows buyers are starting to gain dominance, indicated by the red line crossing the green line. And volatility is starting to pick up.
Furthermore, i have taken a previous move...