If Stochastic confirms the swing low in the next day or two then we could be in for a nice 150 pip long on NZDUSD. The price has gone above the 50 SMA and the pivots have started to move in an upward direction.
Always happy to hear some else's view on this.
As you can see on the 1 hour chart, price has broken out of channel and dropped to pivot. We can see a bullish engulfment candle at the pivot suggesting price may be moving up to retest the channel. I am hoping to get a rejection at the 0.382 fib level as that is a demand zone. I will be waiting for price to see if it could move up to my demand zone and see if we...
I don't trade GBP pairs because they're so volatile but everything is lining up on this one for a quick 5 day short. Looks like we're bouncing off the 50 SMA and the pivot point, the candle is a nice bearish pin and the Stochastic has crossed, I think there are 120 pips in it.
Big engulfing candle and a double test of the pivot point could be a sign of a reversal and 90 pip trade, i'll leave it for now but this looks like it's a continuation of the downtrend for this pair, i'll wait until stochastic crosses above the 80 to jump in.
FX:EURGBP, OANDA:EURGBP, FOREXCOM:EURGBP, FOREXCOM:EURGBP
A confluence of Fibonacci levels on the weekly - Selling EURGBP
Weekly – Trading at the upper end of a bearish channel. Confluence of Fibonacci levels with a 78.6% & 61.8% in close proximity.
Daily – Failed at a 78.6% Fibonacci level and close below the 10EMA for the first time in 30 sessions.
Looks like I might have the candle I've been waiting for to push AUDUSD back up to resistance levels, Stochastic has just crossed. ADX is still showing a trend so it might be a day or two early for a trade but the signs look good. I think there's potential for 130 pips.
As always if you have an opinion on this then I'd love to hear it, I'm always keen to learn.
Classic, simple trendline break trade.
It is good to wait for a lower low to be made for the trend reversal to be confirmed. Then I like to enter on the next lower high for a better R:R entry.
Use the 1hr 50ema and daily pivot as dynamic resistance once both are broken and the retested from below.
Priced has bounced off the pivot point and then a second bearish candle working with the established downtrend, Stochastic has crossed over above 80. ADX has also started to decline from the short previous up-trend. A 90 pip opportunity over the next couple of days?
Has formed 2 clear cycles on the daily and price is indicating a possible reversal on the lower timeframes. On the 4H a traintrack has formed off of the last daily lover low, the 50MA and also the fib level 0.382. The RSI is also point straight down. A strong indication of a bear run.
Just above the weekly trendline.
E - 80.227
SL - 81.2
TP - 79.25
2 cycles have formed on the daily and looking to end the third. Price is showing signs of reversal on lower timeframes. There is a train track reversal pattern on the 4H additionally bouncing off of the 50MA and also the 0.5 fib retracement zone.
The daily S1 Pivot 119.7100
The Daily Level 118.4040
2 cycles have formed on this pair on the daily timeframe and is on a phase 1 of the third. Price is currently at the 1.618 fib extension measured from the last pullback. I am favouring a pullback and further short after confirmation.
Price Pulls back to the last lower low area which is also close to the daily P1 pivot, alongside 20 MA. Then continues...