The pound has been showing some strength during this week and I belive it has much more strength under its belt. GBPCAD is now setting up an intraday long setup with price down at support and now rejcting off the 50ema. A pin bar forming now would also give extra confirmation. Look to take profit at previous highs, unless price action shows otherwise.
we got stopped out from our initial buys on this pair and are going for another buy now after it has reached yet another strong demand zone. we can see that the bears are losing momentum and there can be a trend switch.
simple setup once again, no need to over complicate the charts, confluences + great RR provides great chance of profitable setups. Short position from the supply zone at 1.84175, we are over extended & due to retrace. This supply zone gives us the opportunity to do that
Here we have a short opportunity we can take on eurgbp. We can see that price is having a hard time breaking above the minor supply zone and therefore we can expect a continuation to the down side. This is a 1:8 Risk:Reward trade.
GBPUSD has come into our sell zone between 1.28500-1.2900 also hitting our fib extension and rejecting thus far. shorts now in play! Brexit vote coming into play tomorrow could be a huge catalyst for this pair to go down south as i believe GBP is way too overpriced given the turmoil it is in with the whole brexit mess.
* Oil price rallied on the backs of an improved US-China trade relationship and continued efforts by major oil exporters to stabilize the market
* More dovish Federal Reserve (cautious about pushing ahead with future rate hikes)
* supply cuts (reductions of 1.2 million barrels a day) on the oil market, which are now finally being priced
AS we can see there is a good 2:1 long setting up on the EURUSD.
Price has pushed down to the untouched zone and we are seeing more buying pressure froths level.
The 2 hour chart shows a strong moved down with that engulfing candle which will offer little resistance to the upside at around the 1.15200 level
Looking at where price is there are a few levels that are jumping out.
The first area is the 1.17400 level, there was a strong move down from this level, looking left however there has been a lot more activity in this area which leads me to believe that although there could be a good opportunity here there is a better and untouched area at 1.19250 area.
The 1.12000 level has only just been touched and rejected so this could offer another area to get long. However the untouched area that would offer a better low risk chance of a turn would be down at the 1.10200 level.
The highest point offering great shorting opportunities is way up at the 1.22800 area
As you can see the first rejection from this major level was over to the left black arrow. we are assuming this is now acting as a support due to bullish action breaking the once strong rejection zone. As we have now retested and pulled back to see if it has held its gains succesfully. The 1 hour has blatant supply and demand bars for a total of 4, 1 hour bars....
NZDUSD has recently been showing signs of bulls coming into the market with the 4 Hour Chart showing us a Higher High And Higher Low. If price begins to retracing then I will be looking at price coming down to test Monday's high to take a long at around 0.67671 - 0.67622
Happy new year guys!!!
2019 will require alot more focus and discipline to see myself more profitable in the market
However, analysis wise everything looks to be intact correct. I just need to apply these to my trading game which is coming!
As for u\chf with elliott waves confirming this trade idea, look for a possible buy set up which could take place...