Tonnes of confluence on the weekly chart for Gold to bounce off at 1358 as shown in the chart.
1. SMA support
2. 50% fib support
3. Descending Channel Support
4. Ascending trendline Support
Until then, I will be shorting it any opportunity I get! Will play the ranges in the descending channel.
Waiting for price to reach the 618 level which is also previous support/resistance area. Will only be looking take longs once price reaches the area. If not, will look for another set up. Possibly a continuation set up for this pair.
A few weeks ago I published an idea on USD/CAD (see attached) we've now had the breakout we were looking for along with a perfect retest of the trendline. I personally missed my preferred entry of around 1.3334 which as you can see from the 4H TF had created a triple top respecting resistance zone, This is also backed up on the Weekly TF as we have a lot of...
EURUSD is forming a bullish doji on 4H after a retest of our broken daily descending wedge pattern.
This retest lines up with a strong daily resistance, the neckline of a double bottom and 61.8% fib retracement.
I am already in this trade with entry at 1.1226.
There is high impact EUR news at 18.00 gmt so I will be moving my SL to break even nearer to the time.
As seen in a recent post of mine I am looking too short USDCHF. I did not enter the previous trade as I was waiting for a strong break and retest on daily before entry but I am still looking to short.
We are now retesting a broken weekly TL and are forming a nice bearish inverted hammer on 4H and if this closes I will be shorting to 0.9900 for around 80 pips. SL...
EURUSD has broken and is now retesting a daily descending wedge chart pattern.
The retest lines up nicely with an area of strong resistance, the neckline of a double bottom formation and the 61.8% re-tracement of the previous bull run.
Target 1 is at the previous high 1.1330 (113 pips), target 2 is a daily resistance and 1.27 fib extension at around 1.1415 (195...
EURAUD has struggled to close above weekly resistance at around 1.6240 since December 2009.
I caught 100+ pips on its previous drop from this level and I'm watching closely to jump on it again.
We have seen a recent break of the 4H trendline and now price is came back up to test its previous highs again, potentially creating a nice double top formation.
I will be...