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Anticipating a rejection of the bullish trendline before hitting TP1 (4Hr Resistance) followed potentially by TP2 (Daily Resistance).
SL just below the previous low on the trendline.
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This is a potential EURJPY short idea. Third touch of descendent trend line, completing the final wave of the A,B,C,D,E Elliott's wave formation. We have a cross of trend lines, the support trend line hasn't been retested as resistance yet. We have a 61% fib level in a PRZ (Price Reversal Zone) which indicates a strong level. the fact that price is also on a whole...
NASDAQ - LTA de 2008 Segura para dar novo topo ou cai para 2007?
Niveis importantes a serem testados:
- LTA que vem desde 2008 (Azul)
- Resistencia que segurou o preço durante 1ano (Amarelo)
Dependendo das noticias que surgirem nos proximos relatorios o preço é segurado pela LTA ou caso sejam resultados pessimistas pode mesmo...
As you can see from the chart that this pairing really respects support and resistance lines ( the big players, banks probably love this pairing )
Price is now coming up to a well respected resistance area where we are expecting price to bounce so we can collect a few pips.
We will not be manually entering this trade but placing an order as if the trade breaks...
As you can see we have marked out our support turned resistance level on the chart ( green line ) and we have pointed out areas where this level has acted as a resistance on the daily timeframe ( purple arrows )
From here we can see bearish movement after this pairing has had a very good strong bullish run but has now hit that all important brick wall (...
Current structure tells us this pair is trading a range and hasn't shown signs of an upside break as the previous daily candlestick formed as a pinbar. Multiple rejections of this supply zone on the H4 timeframe indicates that price will retest the levels of around 1.1630 or even lower before possibly going higher and breaking this structure in the near future...
GBPJPY - short opportunity based on structure, as strong resistance reached as well as some form of RSI divergence present.
Sell limit placed little bit higher and therefore great risk rewards ratio acquired.