GBP/JPY is looking like it wants to break to the downside. After consolidating for several hours it's forming a wedge of lower highs and higher lows. Odds are it will break to the downside. As to not jump the gun we will be shorting this pair with a break of 181.800, looking for a move of 80 - 120 pips with a stop of 120 - 130 Pips.
*We booked a profit of 27 Pips. Even though the spread is from from closing we decided to take the profit and move back into cash. Of course if this spread narrows we will be leaving a lot on the table but we are happy with the gain from a low level risk trade.
We will be initiating 1/2 our position in a correlation trade of USD/SGD to USD/JPY. The spread is...
Eur/Usd currently sitting at a key resistance level which is approximately in line with the 61.8% retracement level. There is still a possible chance of a retest of the trend-line. But at the moment 1.0847 looks like a lower high for this currency pair resulting in my overall bias being bearish
OK so i got a little bit excited analysing this pair, ill give you a breakdown of the higher timeframes and leave it to you to find a safe entry on the lower timeframes!
Monthly
MA's crossed bearish
Bearish engulfing candle (January)
Broke major support at 137.000 & Retested
Next monthly support at 115.00
Weekly
Trendline broken
Weekly engulfing...
price is at the top of a descending channel with a previous 2 touches. momentum is also bearish on higher time frames, if AB=CD then high probability of price reaching 161.8 ext in accordance with harmonic structure. MA are in correct positioning and 127 and 161.8 ext are in confluence with previous major support levels on weekly time frame. Risk-reward ratio...
Bearish Trend could continue if we see positive NFP results for the USD, If the respected level is broken we could see a major crash in the price of Gold.
We have a possible correlation trade between EUR/USD & EUR/GBP. The spread in the correlation has come to a point on the 4 hour chart which may provide a nice trade, you should be able to capture some profits as that spread narrows. The trade should be as follows: Short EUR/USD and Long EUR/GBP.
Short entry setups for the EURUSD pair. After some healthy retracement another bearish continuation of the bigger trend is expected by my indicators. Longer term trades though.
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The correlation between the EUR/USD & EUR/GBP on the 1 hour chart has approached a wide enough level that it may produce a nice trade when that gap narrows.
EURUSD nicely moving up to test he heavy resistance zone consisting of the 0.236 Fib level,
the top of the channel range, ichimoku cloud and a former resistance now support level.
I will be watching for (prior to taking a short position) a bearish candlestick formation such as a
shooting star, and a crossover by the 20 and 9 day moving average to confirm...
Well mates what we have here is a little short for the night.. looking to grab roughly 150 pips from the short with the pair.. Will wait for price to complete the downward leg of the harmonics, and retrace to the 23.6% Fib to enter short in that zone. Stops in the 50% retracement zone for a max loss of 30 -40 pips.. R/R Ratio at its max is 1:3.75 . Some event risk...
ON chart we can see forming littl SHS formation, alsow we can see at we are on resistance from chanel wich form from about three days ago. If price brekout and only if we get pullback and price hold that level we can click Buy button, if we get another scenery i will be out from this market. But if it work we can see Gbp/usd on + today
On chart I find nice trade entry on SHS formation. We see at head of formation are very long this is becuse we hit support zone and in higher time frame is looking like we have abcd patter alsow (bearish formation) entry as always we take on neck line for more agressive traders and for more conservative i would order to take position below neck line from 5 to 10...
Our Unique Forex Algorithm is looking for EURAUD to make a move higher if a certain price level is taken out. Please refer to the chart for further details.
The Double bottom here on this pair is a little more rough then I would normally like to see but I like the response and the way that it is headed towards a .618 retracement. I have not shown stops and risk reward but stops can go above the high point in between the peaks and by looking left you could have an earner up to 70 pips.
