Price seems to be rejecting higher levels. Price has been hovering over the 61.8% fib retracement level of the previous wave and so I am looking to see a push to the downside.
All TP levels are of 61.8% nature.
- Descending triangle chart pattern has formed in the higher timeframes and price seems to be respecting the channel.
Nice set up forming on USDJPY with multiple timeframes coming in to alignment.
Daily timeframe is producing a new lower high with price rejecting the fib 0,786 retracement level and a previous bullish trendline to act as resistance.
I will wait for the 4hr chart to produce a trend reversal set up before entering. I want a lower low and the bullish 4hr trendline...
Momentum looks to be slowing on AUDUSD with price trying to roll over at this level.
1hr timeframe made a nice lower high and resistance at 0.68850 has held strong again. Multiple daily wick rejection candles formed last week.
If this bottom TL breaks then new lower lows will be made.
GBPUSD Sell off analysis! Seems pretty straight forward, wouldn't you agree? Monthly resistance not broken yet, and the fibonacci lines up perfectly for a sell. There is a 50 and 200 SMA that price is below too.. but I try not to use too many indicators, as I am a straight up price action trader. Would love to get your thoughts!
This is my second attempt at analysis as the first one went well if you check my previous chart.
As we can see the chart has been hitting all of the fib retracement levels very nicely so far.
As the final candle before the market close shut above the 0.618 fib level @ 62350 it may already be bullish and ready to shoot now but i will await further...
Possible Gartley and Cypher setting up on Dollar Franc .. Also there is an equal measured move to back up the completion of the Gartley.. and with all the uncertainty around the dollar with the trade war.. lets wait and see
Trend Continuation Trade
- Multiple Fib Clustering
- Complex Trend Analysis
Awaiting price to pullback to 1536.200 before entering a short trade and aiming for $1512.00
Stop Loss 52 pips above entry.
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My short term bias is bearish down to the bullish 4hr trendline and the $1518 price zone. This is where the 0.618 retracement of the last bullish wave sits along with the -0.27 fib extension from this weeks early pullback after the weekend gap was closed.
Once price hits the $1518 zone I will look for the break or bounce of the bullish trendline. Ideally, long...
A retest of 105 may cause a strong break of which would see USD/JPY continue on its downside run, where as if it test and doesn't hold it may bounce up into a uptrend and in that case im looking for 107.500.