The weekly timeframe outlines a bigger bearish flag pattern with already prior 3 touch confirmations followed by lower lows towards the bottom of the flag. Considering the approach towards the bottom of the channel we see a lower time frame (4hr) flag pattern which we can evaluate from the analysis I have posted above.
Trade active after the third touch...
After witnessing a break through on the daily/weekly bullish flag pattern we only seek to look for buy opportunities.
The break out of the bigger picture time frame was followed by a lower time frame retracement in the form of a bullish flag pattern.
Entry taken upon the third touch confirmation within the bullish flag pattern followed by a 4hr bullish engulfing...
Position: long ''counter trend''
Stop Loss: 95.30
Position open: 16/08-2019
Reason for entry: ABC pull back on lower time frame (Trading the bullish C-Wave) as price action and overall trend on higher time frame is bearish... Let's see how the trade rolles out...
EURNZD Weekly outlook
Price has been bullish since late July with no major pullbacks. We did see some small areas of consolidation but nothing too major from the bears. We now have a triangle pattern forming with a key level highlighted in yellow. 2 plans on this:
- To be a bull in the pair ideally we would need a break of falling resistance and...
USDCAD weekly outlook:
Seen a recent double top formation with a strong uptrend holding. Naturally, we are looking to break this line and rally back to support levels. We still have to consider further bullish control if we break above the highs.
- To be a bull in this pair we are waiting for a break of trend and target previous levels. USD is...
USDJPY weekly outlook -
Long term bearish trend with some short term bull momentum following wedge breakout. Is there a potential for an inverted head and shoulders pattern? Not putting all eggs in one basket on that plan but could happen.
Rising trend line heading to key resistance above means we are waiting at this level for price to test and...
EUR has been really strong against the GBP which is struggling due to Brexit - DEAL OR NO DEAL uncertainty. I predict that there is a short opportunity within this market for the time being. Using the Fib levels , will have to wait & see if price reaches any of the crucial levels (0.618/0.5/0.382) before the down trend continues . Alternative if the Bearish...
I review some of the potential moves on DJI and probabilities (not predictions) ahead. Importantly price has violently punched down through a daily investor zone. The weekly and daily time frames create probabilities for the south on lower time frames. This is both an opportunity and risk. Have a look and get ready.
Disclaimer: As usual if you lose your own...
We have multiple indicators lining up to suggest US dollar versus Japanese Yen price action is about to head lower towards low 107 area.
Firsly we have a descending trendline that we have highlighted on our trading view chart coming from 109 area on 10th of July and being tapped twice overnight at low 108s before pulling back to 107.85 area. ...
Should be interesting to see where price starts as the markets open back up again. My predictions are that this pair will continue on the downside and could be quite a smooth and big move. GBP corrected its price on most pairs last week and now sits nicely to continue with its downtrend as the buyers appear to have lost their strength.
Looking for a bounce off...
Predicting a short movement on AUDNZD.
This is a more long term trade with a larger R/R. The 382 fib was respected well from the 24th of June 19 and the 5th of July 19 and I normally like to trade off the second touch of it as I believe it holds some weight.
NZD was not strong enough to push past the red zone highlighted on the last occasion, however news from...
We have various indicators of a reversal:
• Divergence in play
• Potential reversal channel in line with the divergence
• 200 EMA acting as our resistance in target area
• Price level 1.30750-1.3000 has been a key Support/Resistance level since 2016
• Oil prices looking bearish which influences the value of CAD
• NFP positive speculation for the USD...