Yep - it's beaten me. This is a very weird market where hope and greed rule. America is basically burning down with COVID, supply demand chains disrupted everywhere, no sign of a vaccine "momentarily" as we've been told - yet this market struggles north.
Every drop of good news moves it further north. In the last few days we were told that the cure was found for...
MCD forming daily bearish divergence on all the indicators i have on my chart along with having a daily shooting star reversal candle and is currently below the contracting channel I have plotted; I think this has atleast a decent amount to go down from here.
Rising wedge in formation. Please see notes on chart.
There is the potential that the rising wedge is not yet fully formed in which case a new 4 hourly high will be created.
This is not trading advice. All content/information shared in this idea is purely educational in nature and is expected to be used for analysis/illustration purposes...
Looking to add to my short if this wedge breaks which I can see happening in the next 24 hours. if we break up, which I doubt as it’s been tested many many times and failed, I will look at closing the rest of my position and going long but as I said I doubt this resistance is gonna break. Short from $10,400
The London session is in full force and the only solid trade setup we are trading today is USDCHF.
SL 0.98523 ( pips 14.2 )
TP 0.97870 ( pips 51.1 )
The RR is a solid 3.6 because the SL is pretty tight. I will look to move to break even and add on 5 pips after 20 pips in profit. Then Might re-think my TP as the contraction is...
A major contraction breakout followed by a retest with a possible double top.
2 Weeks ago the DAX broke out of a bearish reversal contraction (Rising wedge), this week price headed strongly for a retest and was rising from Monday right until Friday when the retest was achieved and the price started moving lower which makes us believe that in the new week price...
The pattern on GBPUSD daily chart is more of a rising wedge. If this is the case, then cable could likely be ready for a short trade around 1.28 level. However, overall market sentiments is still bullish