Markets have closed after setting up a double top at previous structure resistance.
This has set up a good risk to reward ratio should price produce a move down to the support level.
Market is at resistance; market has put in a double top; RSI is showing bearish divergence; a few signs pointing down.
I will be shorting when market opens.
Following this uptrend will secure a short buy position in the 60/240 timeframe.
Unless the updated after the US current accounts the position will stand at:
descending trend line
hit the fib level of 61.8
over 4 types of resistance correlating at the entry price
stop loss over the next higher fib level
4h our bearish
nice easy drop do to most recent low
Hey Traders, over the next week we are looking for more Aussie/USD bullish movement. The monthly support level of 0.79073 has been respected and therefore we look for it to hold support once again. Target for this trade is 0.80345 which is a weekly resistance area. Stop loss is placed at 0.78713. I will update the progress of this trade on our Instagram page...
EURUSD demonstrating bearish momentum with the price consolidation (Bullish price becoming more narrow) which represents a weakness in the bulls. We have a channel as seen on the chart with 5 waves complete with the formation of a bearish belt hold formation. 1.100-1.1100 being a key holding area we can expect price to fill the gap which is a 50-61.8% retracement...
Proof of the Mumbai Scalper Strategy....
Not a huge advocate of scalping but can come in handy when your medium/long trades are playing out. This Chart shows a sell scenario. this shows that when the Parabolic SAR is in a downtrend we wait for a confirmation of the stochastic oscillator to cross the 80 level, when both of these criteria's are confirmed, place a...