1] Price has shown a massive surge to the downside and I am expecting a retracement.
2] The upward trendline has been respected and touched 4 times (see green up arrows)
3] Slight divergence on the RSI indicator for the 4hour may indicate change
4] RSI is approaching Overbought areas
I will be moving SL to entry after roughly 1R to protect my capital as there...
Looking at gold we can see a possible pullback into the marked zones after the breakout of the uptrend as seen. Watch closely early on in the week to see how it all unfolds.
If we create a pullback we could see a Head and Shoulders formation which could indicate a possible trade.
I have analysed a potential Double Bottom setup on the NZD/USD 1 Hour chart. I have setup a long position which I will take if the market follows the appropriate setup. The trade has a reward of 16.75% and a risk of 3.03%. Risk reward is 1 : 5.5.
I am newer to trading and am still learning so would appreciate and feedback on this analysis.
Thanks
USDCAD bulls have shown strength - during the London open we saw a bullish run and now during the US session we are now seeing a retracement.
I am now looking for price to reject 1.3303 - 1.3302 - I will then be waiting for price action to give me an entry.
Price is currently losing momentum in its tight, bullish trend (forming a bull shooting star candle) that completes the final triangle for our inverse head and shoulder pattern.
Multiple wicks have rejected the neckline, including the current bull candlestick. This suggests bulls are losing momentum and bears are slowly taking control.
However, if bulls break the...
USDZAR SHORT
SHORTING FROM 15.08
TP 1 1000PIPS
TP 2 5600PIPS
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Potential future moves. We sit neutral without a confirmation on either moves.
1. Price will continue its bullish run since completing our double bottom pattern... and run from the neckline (CMP) to our resistance line that has multiple wick rejections.
Keep in mind, price may consolidate a little at our current area before price action shows us who is in...
Price has rejected a recent swing high - creating a double top.
Price action showing all signs for a short (sell). Loss of momentum, double top, reversal price action patterns etc!
Analysis is supported across multiple time frames.
USDCHF is currently on a downtrend after breaking an uptrend that tested our recent support line for the second time. Our downtrend has multiple wick rejections.
Price is currently sitting within our resistance zone, with a bearish candlestick that touched our trend line.
In addition, price action has reversed on the tight bullish uptrend (purple arrow) and lost momentum.
HERE WE HAVE CADJPY ALOT OF DIVERENCE AND LOOKS TO BE RUNNING OUT OF STEAM,
SELL SETUP... IN THE 1HOUR TIMEFRAME WE SHOULD SEE A 3 TO 5 WAVE CORRECTION GIVING US A 4HOUR CORRECTIVE PATTERN THESE CAN BE RISKY TO TRADE AS THEY TAKE THERE TIME TO MOVE ANYWHERE..
BUY SETUP... WAIT FOR A 4HR CORRECTION TO FORM THEN THE BREAK OF THIS WILL GIVE US A BUY SETUP YOU MUST...
Wait on the current 4H candle close - it it closes as a pin bar off the 50% fib level - short USDCAD.
Down we go towards 1.30500.
Trade safe & manage risk
at the opening of the markets price has stayed steady on this level , if you look left on your chart history , this level has been support multiple times, and we have just managed to break a resistance that maintained its integrity well., more reason for it to be a trend continuation setup.
its important to remember trading principles , price does not always go...
My BIAS for USD/CAD for this upcoming week is NEUTRAL.
My reasoning behind this is
-We are currently consolidating between 1.33400 & 1.31900.
-We have just rejected a strong level of Daily Resistance and broke down about 50% of the current distance between our Daily Resistance and our strong 4HR Support.
-We could see a break above our Daily Resistance...
