There is a breakout above the trend line on the LTF and is tested twice which suggests that there will be a reversal. Also an uptrend is beginning to form on the LTF as it pierces the downward trend line suggesting there will be a reversal.
Technical Analysis: Heavily Overbought Stochastic RSI with Resistance Bollinger band hit.
Fundamental Analysis: Initial Jobless Claim positive consensus this week should cause the reversal for next week, along with CPI MoM, YoY positive consensus, to carry this new trend we can expect the Initial Jobless Claim, Michigan consumer sentiment and the building...
Good Morning all. I hope this message finds you well.
Yesterday i got faked out by this pair, nothing major.
Today I placed a buy position as price is greatly oversold. Lets see how this one plays out - looking to hold this trade if the momentum is strong.
Advice for today:
Trading without a stop-loss is financial suicide. Always protect your capital no matter how...
Grand Rising Traders. Thank God Its Monday! Who else is ready to destroy the markets this week?
These are my thoughts for GBP/JPY
- After a strong push to the upside , momentum is finally slowing down indicating sell pressure.
- Higher lower formed , breaking bullish structure.
However i still feel that there is a lot of buy pressure in the market, so be careful....
Grand rising fellow traders , its yet another beautiful day in the city of London.
These are my thoughts for GBP/CAD.
There has definitely been a lot of GBP strength in the markets this week.
Reasons for Trade.
1) Huge upside wicks on the 4hr timeframe indicating the future direction of price
2) Price strongly oversold
Master the art of timing. I cant...
- Very good opportunity to go for a short position on this pair at the reversal of the supply zone.
-Another confluences is the EMA is above price which shows bearish trend of the pair.
-Wait for a strong bearish candle at the supply zone and enter the trade.
Let's see what happens during the week!
Since the beginning of May the BEARS have been in complete control of GBPCAD and we've seen the price move from 1.7708 to 1.7024.
I always spend Saturday morning looking at the weekly charts for all my trading pairs and I notice that GBP/CAD has put in a nice long-legged doji indecision candle which hints at a potential reversal. Its true that the Monthly chart...
- Price has broken the descending channel and we could potentially see a reversal of the resistance which is in confluence with my demand zone.
-Another confluence is that the 23.6 fib level lines up perfectly with the demand zone which could indicate that price will most likely reach the level and the bulls will be in control of the pair.
-The 50 EMA is above...
100% PRICE ACTION
Hey guys, one more forecast for the week. Here we can that price is moving in an uptrend for a long time. Price couldnt break above the high it created and so began its move down. Price then began to create a correction (bearish flag). Price created a key structure at the 50% retracement area of the fibonacci, indicating a strong structure. as...
G CAD reached a daily support level and i'm curious to see if it will break through this zone and retest before continuing to the downside or pull a reversal and shoot to the upside. no bets placed yet I'll wait to see what it does before getting in on a lower time from after price makes a retest.