Good Day Traders, I hope all is well.
These are my thoughts for GBP/CAD.
After a strong and lengthy downtrend price has begun to exhaust and has found a strong level of support. The market is creating a series of downside wick rejections on the 1hr and 4hr timeframe , indicating strong buy pressure.
Stop trying to always being right. I myself have lost...
Allow me to share my thoughts on GBP/JPY.
Price is now at a strong level of support (on the 4hr timeframe). If price doesnt break this level immediantly and find a new low , i expect the markets to start pushing up again. Its been a slow week so far , but grateful for the lessons.
"Less is more"
Fellow Traders! I have spotted a potential trading opportunity, GBP/USD (LONG)
Consolidation & Bullish Breakthrough
Resistance at a key support level
Rejection At Fib Level 61.80
Previous Strong Bullish Momentum
As it rejects the Elliott Correlation wave, we expect to touch the support before going up.
Open Short = 9750-9850
Stop Loss = 9978
Targets = 9680, 9570, 9630, 9420, 9280
Leverage cross maximum of 2% investment.
USDCAD has reached the 1.38600 support zone and is showing signs of rejection. If bullish candle closures remain then I can see buying at these levels should prove profitable.
There is a 1hr bearish trend in play (trendline shown) so watch for price reactions there. If that TL breaks to the upside then 1.40200 and even 1.42500 could be achieved.
The dollar us...
been rejecting trend line consistently as it broke the uptrend and created the down trend rejecting of multiple spots to create the down trend , looking to take this the bottom trend line to create the 3rd touch .
Looking at my previous EU sell which went as expected and fell past the target 2, having seen that the price has several times retested and failed to break the ascending trendline.
I would be looking at some further downside potential on this pair, hopefully down to my original target 3 area.
HERE WE HAVE A BREAKDOWN OF THE PRICE ACTION ON THE MINUTE 15 CHART. PRICE IS CURRENTLY TRADING WITHIN A RANGE, PRICE HAS TRIED TO TEST THE KEY SUPPLY/DEMAND ZONE OR "BUY ZONE" IN OUR INSTANCE AND HAS FAILED TO BREAK. I WOULD LOOK TO FIND AN ENTRY AROUND THIS AREA WITH LONG WICKS AND PRICE ACTION CONFIRMATION. I SEE GOLD HITTING 1700 AGAIN AND THEN 1800 SO A GOOD...
EURCHF analysis looking very strong indeed, currently consolidating around the exact zone where we've seen a ridiculous amount of market reversals, due to the current levelling rejecting its 3 year low along with a nice bullish engulfing candle its showing to be a great sign for a buy
I am looking at the potential for a long term buy & hold on GBPUSD.
There is a nice daily wedge pattern forming with price being supported by a lower bullish trendline and the daily 50EMA.
Multiple daily wick rejections are forming at this current zone and I think we could see a push upwards and break of the upper wedge trendline.
Risky entry = buy now and...
price has rejected off the descending trend line with a shooting star on the weekly chart also a bearish engulfing candle indicates alot of selling pressure in this pair. wait for a retest of support and look for clear signs of rejection before entering a short position