Spotted a flag formation on the D TF.
Not 100% convinced on how price action will move within the flag itself but lets see how this plays out.
Not published any analysis in over 6 months, so this may be a little rusty.
Have a current sell bias on gold, selling out of range boxes to next support level (red line)
have been using this way of marking out gold for the last 2 years.
Using previous break candles top of body as my SL and aiming for previous sup / res as target.
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Small counter trend opportunity on the lower time frames on the EurGbp, coming off a decent resistance level and massively overbought on the RSI we can see some relief, conservative targets taken as it is only a relief trade,
EURAUD rejecting the resistance zone at 1.63500
2 nice daily wick rejection candles and it appears the 4hr bullish trendline has now been broken. I am aiming for 1.60 before waiting to see if price breaks through the daily trendline marked on the chart.
Stop loss placed above the wicks to avoid any SL hunting and further tests of resistance.
It has been a while since I posted one of my plans for the week ahead and I've missed the process, this week I would like to share my Compass Group (CPG) set up which I think is a great long. Compass posted strong half year earnings on the 15th of May which was well received by the market sending the stock up to an area that has played a role as resistance in the...
Plotted a narrow channel on the 4hr that price seems to be sticking too. Interested to see when it will breakout, for the next 72 hours however I anticipate a few retests as plotted with the blue arrows.
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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...
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