Price action has recently broken previous support and put in a lower low, lower close and has now retraced back into structure (now acting as resistance) taking a fib measurement from the A leg down to the B leg we can also see price has retraced up to the 618 level!!! with the RSI indicator being over brought!!!
looking to short the C Leg taking profit target at...
I am currently holding shorts on this pair. We have had a nice corrective structure on the 4H and a retracement and rejection off the 61.8 fibonacci level. We have also broke back below and retested 1.40500 monthly support level as well as broke the counter TL on the 4 hour. Currently seeing a small area of consolidation on the 1H time frame before i expect...
Price has fallen nicely into daily res. swing low from 2nd March to swing high on the 6th March retracement puts price just below 61.8% key level, and also have the moving average crossover too. Standard risk reward, see how this plays out.
XAGUSD has been consistently growing on the Weekly timeframe:
We closed last week with an indecision bar; however, the fundamentals should point higher and the Daily timeframe is still on an upward trend, so this might be a physiological retracement.
Let's see where the 4-hour chart...
Difficult to gauge sentiment with the political and economic instability in the US and the EU, albeit less so in the latter.
The pair hit a year high last week of approx 1.075-1.077. There was 4 touches of this high which quickly retraced. Currently, the pair is in a consolidation phase and waiting for breakout. If the the loosely drawn, ascending triangle holds...
61.8 fib rejection, a CTL will trigger a short entry down to target 1.39200. Monthly showing bearish engulfing pattern with the weekly still threatening to break below daily support of 1.41300. A clean break below this level on the weekly time frame should cause huge bearish momentum down to target.
Potential short setup on the 1H time frame, we have had a 61.8 fibonacci retracement and are now set for a counter trend line break, if we see a break below this trend line i will be looking to go short.
Potential short setup on EUR/JPY, we have had breakout of the ascending triangle which seemed to trap price just below resistance level of 1.23200-1.23400 where the bulls couldn't get a close above on the daily closed. Now we have had a breakout to the downside, and a re-test of the ascending triangle there is potential for a short setup on the 1H time frame....
My bias for EJ currently is long. I do believe we may see this pair touch 125.000 , within the next week or so. after a strong bullish run , price is now stalling , possibly taking a break. I know there are a lot of people who may be trying to sell this. Currently price is at the 123.000 are and seems to be holding well, spotted an opportunity here, should we have...
USDJPY has seen a strong uptrend over the previous weeks. Price has looked to slow down and peak, warranting a retracement. Short trade entered with stop loss above high of the uptrend. Take profit is at the 0.38 retracement. Nice 1:1.5 Risk: Reward.
Going to play either a momentum long move with a 61.8% retracement, or will be short the market at the 127% extension. Planning to let the market decide where it wants to go and take a good RR. Both trades are over 3:1 risk reward:
LONG @ 1.7740
S/L @ 1.7594
TARGET @ 1.8150
SHORT @ 1.8030
S/L @ 1.8105
TARGET @ 1.7820