Summary of current technical analysis for the USD/JPY pair on the 4-hour chart:
- 70 resistance on the RSI with bearish divergence
- extremely low volume to the upside
- major resistance level on the monthly fibonacci
- perceived bullish exhaustion
- swing-high fibonacci 0 holding
- +1.91% from swing-low fibonacci 1
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A pullback is expected from the supply zone.
I will be looking for any sign of weakness in the supply zone on smaller time frames to go short on this pair.
The DXY weakness is stopping me to look for a trend reversal from this supply zone this week.
We may see a nice pullback and then an opportunity to buy as well.
We have booked profit on USDCAD yesterday, hope all of you also having a good start this week.
I have a trade for you guys on EURUSD. It's a low risk and high reward trade.
Always follow risk management.
Pattern is not confirmed yet so be patient and just keep an eye on this we will find a juicy move after confirmation of the breakout.
I would still look for a nice price action pattern which can show real weakness to enter in the market.
My preference : We will Look for a price action pattern to appear in buy zone on a lower time frame next week before taking entry in the market.
1 - If price reverse before touching the demand zone then we will wait for the market to break 37.80 to enter.
2 - If price breaks below the demand zone and we don't see any sign of...
Have you seen that EURUSD is approaching an area of value where we can find a high probable trade. I'll try to help you guys with decision making here. We will look into both possible scenarios as we are not here to predict the future but to take high probable trades according to the market condition.
Scenario 1 - If you see a clear price rejection...
As we can see market has just entered in the supply zone. we will look for a sign of weakness and take a short trade if that happens.
Don't forget that we were looking for trend reversal in longer terms, if price breaks above supply zone then wait for the breakout of above resistance level to go long.
Sell @ 0.90700
SL - 0.90950
TP1 - 0.90450
I would like to share my trade on USOIL today.
Note: Do not take more than 0.5% risk and open two positions as crude oil inventories data release is at 3:30 GMT. If price goes 40 pips in favour move Stops to entry price.
As we can see another price rejection in the supply zone which gives us an opportunity to take a trade here with a risk reward of 1:3.
If you can manage your risk and trade you can execute a short trade here.
Move your SL to entry price if price moves 20 pips in your favour.
If you would like to know more about this trade please read my previous...
I hope you all are enjoying your trading journey.
Cable is showing some serious signs of weakness which we shouldn't ignore.
I would say wait for the price to break below the support if you want to take a high probable short trade.
What If price breaks above the supply zone ??
You will be thinking we should buy then but i would say no, we should...
It's Sunday evening and we are heading towards the last week of the month.
The first thing to find out before we trade a pair is the main direction of the pair.
Most of the traders face losses when market structures are changing.
As we can see a Triple Bottom Reversal Pattern here which is one of the major reversal patterns and can lead to a 3-6...