We saw an impulsive breakout of the consolidation phase and are now are witnessing a pullback. The significant trend line is being re-tested and it looks like we as seeing signs of rejection which could indicate a continuation of the bearish movement.
I have marked my bearish targets I am interested in.
COT Data - 53% Long
Price is now looking to breakout of the intraday resistance level with a potential re-test of the yearly highs made earlier in the month.
A test of these highs looks crucial because if the swing high resistance gives way we could see another extended leg higher.
The trend has been clearly higher on the daily chart this year and another break would expose a lot...
BTCUSD 4H. I think a retest of the long term trendline recently broken and the filling of the CME gap would 'kill two birds' with one stone. I also believe we will engage further bullish upwards momentum within the channel picked out with the blue trend lines the base of which is marked 'A'. If BTC follows this path it will for me look to be a far stronger overall...
Following the last chart this is a weekly perspective of the ideal pull back to / around $0.20 one last time before a fifth elliot wave.
We have 2 weekly trendlines in place and a major support level used in the prior bull run in dec 2017.
The support gives some validity to the bullish trendline where we had 3 weekly candles form at the end of june which is also...
eurjpy has broken and retested the ltf grey zone and created a bullish engulfing which shows me buyers are in power. Waiting on the indecisive candles to either cause another breakout to the upside or to retest grey zone.
main bias for eurjpy is still short due to daily supply/4hr zone (green)
On this AUDUSD chart you can see my resistance at 0.69887 is just about to be broken.
It is looking very likely that this is going to happen.
We will wait for the retest (as always) before getting to this one.
Also a nice bullish candlestick patter off the retest.
There is potential for a 50 pip move if this resistance is broken.
Fundamentals point to a fairly...
EURJPY... we have witnessed the breakout of this pair and as you can see price has now had the momentum back up to the trendline. We can now expect a rejection of this trend and see price drop back down.
Sensible risk management whilst remembering this is the daily chart. Let's see how we get on!
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Price has broken below the upwards trends line and seems there is a strong signal for a potential short lining up on this pair.
- As you can see from the annotated chart I will be waiting for price to retrace to the old trend line and bounce back down before I enter a short position
- Patience is key here as you dont want to get caught in a...