I expect JPY pairs to correct across the board soon, most of them are very oversold. On this pair RSI is very high even on weekly timeframe, same goes for CAD, EUR, and GBP to JPY. All these pairs are at resistance levels, GBP/JPY is actually surpassing the resistance level as well so that is further reason to see a pullback.
I am not entering shorts personally...
Hit short term resistance on the daily chart and was rejected. Wait for the candle to complete and for confirmation before entering the trade. Although also be prepared for this to drop very quickly when it does. With such a tight stop and a good risk/reward ratio it may be worth entering and using a hedge buy position as your stop loss as this downward trend is...
AudJpy - Weekly chart - I see price in a bullish structure and on a great zone to enter a buy trade with great risk to reward of over 7:1 and possibly hold the trade for 3 months. Swing trade based on weekly time frame.
GJ - H4 time frame. Trend is bullish on weekly time frame so I'm trading a bullish pullback on smaller time frames. Bank of England is also expected to hike rates in November so fundamentally and technically GBP pairs are looking very bullish.
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
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
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
Basing this entry on the following clues:
Double top with bearish divergence at D completion
Falling trendline just above double top and D completion
Previous support and resistance area
Psychological number 120.000
Target conservative 0,382 fib of C-D
Lets see how we do
X-A 61.8% fibo reversal
1.618 fib extension
Trend line resistance
We also have historical support and resistance zone within stop loss.
Target 1 - 0.382 fib of the leg
Target 2 - historical support and resistance zone, just above 0.618 fib of the leg.
Plan B, if break and close above the falling trend line, I will...
1. Bearish bat formation which turned out a winner, but not before putting up a fight.
I entered this one since we also had a previously tested support and resistance area.
2. If the marked decides to push the price down we could see a complete bat formation. Although Im not too happy about the bullish trendline being violated, which itself is a bearish signal....
I'm basing this idea on two main keys
- Bat pattern
- Broken bullish trendline (lower pennant line)
.. And the bearish rotation supports the idea together with previous structure zones which should act as resistance. Lets not forget overbought conditions!
Second scenario, and one that would stop me out, is the retrace into pennant before continuing its...