MY VIEW: STRONG SUPPLY LEVEL HH, HL TREND CONTINUATION FORMTION 0.618 FIB % RETRACEMENT DAILY CHANNEL STRONG MACD DIVERGENCE RSI ON OVERBOUGHT SIDE
in this week we will be looking for short Opportunity !
PROS - Rejection of 0.618 retracement level - Stoch RSI oversold on monthly, weekly, daily. - Rejection of horizontal resistance - Rejection of upward sloping trendline - Reversal candle pattern CONS - Trading against the trend - Trading toward key EMA's TARGET 0.68562 - 0.618 retracement from previous swing low to latest high. This retracement ties in with daily 50EMA
We have seen a lot of sideways momentum on the pair the past few days. The pair is now approaching key levels, a break and retest of support zone @ 0.67229 will initiate shorts to 0.65710. However if support holds within the zone we could see a the pair continue to range between 0.68727 & 0.67229 TRADE WITH CLARITY, PATIENCE and PRICE ACTION!
in upcoming week we will be looking for short Opportunities ...
Update to previous chart. I reentered at top of the channel 0.69171 after my previous sl was hit. New sl on chart is 0.69503. Tp remains the same at 0.65685 Good luck!
Here on the 4h chart we have: 1) a nice heads and shoulders set up with neckline below the trendline. 2) a good 61.8% retracement Took a short on this pair at 0.6660, still awaiting for prices to close below trendline for further shorts. TP at neckline. Lets hope this one plays out fine. Goodluck to everyone (:
On FX:NZDUSD , the market has no clear direction on 1h Bars. It moves sideways. there is a resistance level at 0.6778. The price hit it few items today, but it rejected and formed shooting stars. There is 2 options. 1) price may bounce again on that level and sellers will get control and price will go down. 2) the price breaks the resistance level. If it does...