I used support and resistance on the 4HR timeframe to see where price could go next. My analysis shows that it may be bullish if it does bounce off of the support trend line. Plus I will be waiting for confirmation before I enter the trade. Let me know what you guys think.
ENTER AT OWN RISK, MUST TAKE RISK MANAGEMENT PRECAUTIONS
- Broke through strong long term support zone (based on monthly through history)
- Liquidity zone controlled by bears
- Long bearish wicks resulting in price being pushed however rejected
- Bearish momentum based on HH & LL
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This currency pair is featuring for the first time on our TradingView blogs.
Current setup: Price is in a long-term consolidation dating back to 2011/2012. A break and close above resistance will suggest a breakout.
Conclusion: Trading above the high of 2018 but standing aside until a breakout is confirmed after which we will look to place long trades.
Last post: June 16th 2018. See chart .
Review: Price was faced with the weekly 200SMA acting as resistance at circa 95.
Update: Price is trading above the weekly moving average but has remained in consolidation.
Conclusion: Waiting for a breakout above the March 2019 high.
This video is not about an instant opportunity for jumping in the markets. I'm sharing how I stalk the markets.
New or novice traders - all too eager to make a fast buck - tend to miss the big issues i.e. that it is about patience, vigilance and planning ahead. The methodology shown is relevant to trend following.
How do we find trends? Well, we need to be...
price is currently at the resistance it is testing the resistance, theres a high probability that price could fall however best to wait for the breakout. If price breaks above i will wait for the break of resistance ad close above.
Last post: May 13th. See chart .
Review: A break and close above April resistance was required to confirm a trend continuation of the bull trend.
Update: The breakout took place, offering a long entry, and a new resistance high has been created.
Conclusion: Patience needed until the current May resistance becomes support.
Any comments or questions, do not...
As i have already mentioned price broke the resistance and retested as support. There are 2 scenarios price could again retest the support or breakout of my current trend line and look to go towards 112.000 region. So lets wait for the break out before going long.
Price at a very important level. The price has respected the trend line several times lets see if it will respect it again. If it does i see the price going up to 1.58975, a strong resistance zone. However if it does break the trend line i will be waiting for a retest of the trend line and then falling to around 1.445
price is at a previous support lets wait to see if it will break or bounce. I will be looking for a bullish engulfing candle stick on the 1hr for entry. And break and retest of the support line for a short entry.
We last posted on the EURSEK on April 20th when price had broken above followed by a pull back to the drawn-in pivot support level.
This pivot level so far has held strong and we are seeing strength to the upside. We want to see the momentum to the upside continue and take price through and close above the pivot high of April and ideally in the form of a...
We last posted on the USDTRY on April 6th when price had broken and closed above pivot resistance.
Prior to that, price had been in a consolidation that stretched back to November of last year. The longer the consolidation, the bigger the breakout is the expression and we would like that to hold true for this currency.
Price has seen three strong bullish...
While the other JPY currencies that we have posted about, such as the AUDJPY , the CHFJPY and the USDJPY , continue to pullback or remain firmly in consolidation, the TRYJPY is leading the way for a possible breakout and trend continuation.
We last posted on the TRYJPY on April 4th when price had pulled back to and found resistance at a previous pivot...
We posted on the EURTRY for the first time on Sunday explaining that price had broken out of long term consolidation and was trending nicely towards the major resistance level of 5.0000.
It is at these levels where many would enter short positions trying to pick tops. It is a difficult and inconsistent approach as it involves guess work which often leads to...