We were following this on Friday and saw a solid bounce from support initially for it to then reverse.
Another opportunity may be presenting here from support once again, CAD strength in line with WTI demand. Hopefully expires soon, as this would be a nice setup to see unfold.
Effectively looking for an upside break of the area we have marked.
With regards to fibs and market corrections, this would be a good price, or at least our maximum correction potential before seeing bullish intervention again.
We will have to see what unfolds, but so far USD zones seem to be okay for the moment, which is positive.
Just giving a quick analysis on one of the AIM-listed stocks on the LSE (London/UK). As you can see, there is a clear cup and handle forming on the daily chart, and it is an incredibly clean example in reference to what you would technically find in a text book. The resistance is at 115p, and this week it has seen a breach above next to the 120p...
It's a pair I've trading within the indices that I have had great return this yr - great momentum trend towards it and with Brexit drama going on too, it has has great volatility.
Fun fact: When the first lock down occurred earlier this year in UK...A family relative was intrigued about me being a young trader - I had advised a distant family member to watch out...
This is a textbook pre-London setup.
During the Asian session we often see (especially in Yen pairs) moves that set up for the London session. What this does is provides us with liquidity of retail trader stops that we can take advantage of.
This was a simple 0.7 R trade that I was in and out of within 45 minutes.
It amazes me that traders still put their stops...
Clear and Simple!
The price is currently trapped between these two trend lines and has the potential to move lower towards an importan psychological level, 15.00. We will be waiting for a breakout of the ascending trendline to enter this trade.
Always keep in mind it is a game of probabilities!
Good Day Traders, I hope all is well.
These are my thoughts for GBP/CAD.
After a strong and lengthy downtrend price has begun to exhaust and has found a strong level of support. The market is creating a series of downside wick rejections on the 1hr and 4hr timeframe , indicating strong buy pressure.
Stop trying to always being right. I myself have lost...
Allow me to share my thoughts on GBP/JPY.
Price is now at a strong level of support (on the 4hr timeframe). If price doesnt break this level immediantly and find a new low , i expect the markets to start pushing up again. Its been a slow week so far , but grateful for the lessons.
"Less is more"
Good Day Traders , I Hope All Is Well.
Reasons for taking this trade.
1) Stong Bullish Engulfing Candle on 15min timeframe indicating buy power
2) Break , retest , break pattern. ( Resistance becomes support)
3) Weekly momentum is still bullish
Whenever price breaks from a key level - it will almost always retest this level before continuing with the trend....
Good Morning Traders. I hope everyone has had a great week so far.
These are my thoughts for GBP/USD.
After a strong push to the upside momentum is finally starting to exhaust. I expect price to correct before continuing on an uptrend.
Reasons for trade:
- Strong wick rejection on 1hr indicating sell pressure.
- Price over brought
Trade one pair at a time....
Grand Rising Traders. Thank God Its Monday! Who else is ready to destroy the markets this week?
These are my thoughts for GBP/JPY
- After a strong push to the upside , momentum is finally slowing down indicating sell pressure.
- Higher lower formed , breaking bullish structure.
However i still feel that there is a lot of buy pressure in the market, so be careful....