-Price reached a major Resistance.
-Formed another area for entry.
-Looking for price to move into a downward direction and a candlestick pattern to also suggest the price reversing.
-Price has also created a 3 impulse pattern to further confirm a turn around:
-Long wick formation on support suggests going long until 1.22040 and rejection of TL back down.. or market re-opens and pushes through support to continue short.
This coincides with my EURGBP analysis, as GBP loses its value, we'll see the opposite for EURGBP.
In relation to my previous idea, I'm still in agreement that the overall outlook is bullish and Gold will rise to 1560 and beyond, however due to the rise of USD and a 50% retracement of Gold's current price, I assume price 'may' break support to find the 1480 usd level before turning around. (May is the operative word).
Following the brief sell off the week before, sellers dipped their toes towards 1.2000 and failed
Buyers spent all last week slowly pushing though and break through two levels (marked Resistance Level 1 and 2 on the chart).
Seasonal wise, we have approached a point where the weighted and all-time seasonal trends diverge
Given how oversold GBP is on all the...
Buyers made a break for it early last week following a period of consolidation
Looking across the major charts, the move up is more to do with EUR weakness rather than dollar strength
Expect a continuation to the upside with the EURUSD and possibly USDCHF charts as the best ways to buy dollar
Should price break the August Swing High then look to target the Monthly R1 Pivot
There's a lot going on here.
-Bullish Pin bar rejects 1.10650 support level and weekly trend line.
-The poorly circled area (my bad) shows shift in momentum past the previous swing.
-The exchange rate retraces 78.6% on the support that price most previously rejected.
Looking to go long ya dun know.
Price tests the support zone and looks like it's going to form a pin bar. If price does remain above support, it would confirm my prediction that price will form a H&S pattern.
On the 1H chart, we can see the H&S more clearly the previous test showed a bullish engulfing candle and on the current test of support we see another candlestick pattern on the...
If the exchange happens to
re-test or retrace and make a Higher Low, I'd be looking to go long.
I understand price is currently under the EMA, but looking at the weekly & daily for confluence, price has tested a major level of support. So I'd assume based on previous exhaustions of price, this is a potential reversal point for GBPJPY.
In the past I've often left trades and forgotten I had them open.
It's ALWAYS ALWAYS ALWAYS IMPORTANT to place a Stop Loss and Take profit, for every trade you place, especially if you Day/intraday/Swing & Position trade. I don't often scalp and if I do I'm usually in and out very quickly in around 10-15 minutes.
Now lets say you place a trade, entry after...
This entire time I've been trading, I've done my own analysis, I've bagged bare £'s, but if you go to my previous analysis's, bmt I'm talking like some next articulated professional don. I trade from my bedroom not for some bank, my analysis is simple and should be easy to read and understand. It's kinda mad now because I have the mindset of a trader, I tend to...
I assume based on Dows failure to rally, perhaps this is a sign that market wants to turn around
At each test of resistance, after dropping more than 500 points, the market has continued to push bearish as well as the Divergence also validating the direction.