Either a short down to 36ema (1.40) level as TP 1 as a pullback and retest of the supply zone we are currently at, trying to break through 1.42 level afterwards,
OR a bigger pullback down to TP2 (at this point, either a deeper pullback to retest the highs later OR a reversal, the former is more likely).
The two arrows represent scenarios to look out for.
Two scenarios for GJ:
1: Price to come down to first level of support on 1h then to push up higher.
2: Price to come down to 4h level of support matching up with 61.8% Fib level then to push up to create a new higher high.
Please use risk management.
Thanks, any comments are helpful.
Using trend lines, a clear bullish trend has been identified with strong support and resistance levels also being identified.
After a bullish week in USDCHF, prices have reached the resistance level.
The last candle was bearish indicating possible bearish momentum coming into the markets.
This could indicate a pullback to the support level.
CADJPY on the weekly has broken out of the major descending channel (See below) so right now we can anticipate a pullback back to retest the channel and the ascending trendline. Watch for break of the smaller ascending trendline a form of retest before entering.
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Oil has been in an up trend for many months now.
As of recent I have wanted to get back on this up trend and now finally we could have a potential setup. Please see idea rationale below:
1) Longer term up trend (4hr and above)
2) Short term up trend (Black line drawn)
3) 1hrly chart EMA has been respected in the recent past
What am I now waiting for?...
Simple one legged move, bounce off 36 ema downwards.
Problem: Big area of demand/support awaiting which we have bounced off of multiple times, and we are shorting on a pullback near that zone.
If candlestick on monday is a healthy bearish stick, breaking and closing below 12ema, we can look for shorts, securing most profits at the previous demand/support area...
looking for a retracement of around $30000 to $20000 will update from there
(a retracement to 0.382 ($30000) for a tp 1 of $42000)
(a retracement to 0.5 ($25000) for a tp 1 of $38000)
(a retracement to 0.618 ($21800) for a tp 1 of $34000)
BTC has broken down from the widening channel we have been moving up in since the 4th of January. We need to hold $37600 (local support/supertrend) - $36200 (Macro Fib 2. extension) or we could see a move down to the landing zone around $34000 where we have major support from what has been the top side trend line resistance for the majority of this run. We also...