As you can see from the chart that this pairing really respects support and resistance lines ( the big players, banks probably love this pairing )
Price is now coming up to a well respected resistance area where we are expecting price to bounce so we can collect a few pips.
We will not be manually entering this trade but placing an order as if the trade breaks...
AUDNZD has bounced off a support zone on the weekly charts. I have now used the smaller TF's to enter this trade and will look to take profit soon, as this is a short term long. This is a short term long as this pair broke the support and made a lower low, so I am expecting a big move down soon.
Trade safe and good luck!
Staggeringly high uptrend in XAU/EUR in which the price may need to let off some steam and thus lose some gains, based on fib and structure TP indicts levels in which the price should be watch/positions closed.
I've been stalking coffee in the background from many weeks. It's looking pretty ripe about now for taking a controlled loss (aka stop-loss). When coffee moves, it really moves. This is a longer time frame trade, which I do not usually get involved in - but it's probably time for me to get involved in one or two of these.
The long position in GBP/CAD has been taken to test correlation with the UKOIL trade place earlier. Analysis on this is currently being kept to myself until the trade is closed, whether TP or SL is hit.
The position to be immediately executed is short UKOIL due to the fact it is trading near a previous resistance level which is seeming to be a good market structure level to enter from. The RSI again is not very helpful in conformation but the MA shows us that the price is trading above and therefore price could potentially need to let off steam before continuing...
EURJPY is retesting a really important S/R area which strongly rejected the currency pair in the past (highlighted areas in yellow). Even if it breaks the resistance now, we have a new trend line formed where the price could be rejected to continue with the bearish trend. I support the bearish scenario but I will wait for further confirmations.
Will keep my eye on...
on the 4hr chart I noticed a really nicely formed head and shoulders pattern come up which than turned into a newly formed support zone inline with the fib retracement of 0.618 so I can safely assume price will hold this support zone and go straight up.
On the eur/aud, I see bullish momentum followed up by retracement levels between 0.5 and 0.618 which indicates great pullback. Price seems to respect the support zone and does retest it as well so I'm hoping for a clean retest with the price moving higher.
GBP/AUD Long - retest of 1.79500 to make higher high, hourly bullish engulfing close, and 4hr pin bar. Buy limit lower than key level due to possible market manipulation, if not hit then who cares, there are a ton of opportunities coming!
The euro currency remains under downside pressure against the US dollar, following a dovish speech from ECB President Mario Draghi. The EURUSD pair is currently probing the 1.1400 level, a sustained loss of this key area is likely to encourage technical sellers to test the 1.1360 level. If bears fail to break the 1.1400 level, a relief rally back towards the...
The British pound has recovered earlier losses against the US dollar after the pair tumbled to the 1.2667 support level, as British PM Theresa May’s Brexit bill being voted down in UK Parliament. The GBPUSD pair retains a strong intraday bullish bias while clearly trading above the pivotal 1.2810 level. Traders now await the outcome of the no-confidence-voted...
The LTCUSD pair remains under selling pressure on Wednesday, as the eight largest cryptocurrency by market capitalization struggles to rally away from the worst trading levels of the week. Litecoin buyers need to force price back inside the well-defined flag pattern to negate immediate downside pressure. The LTCUSD pair will likely come under further technical...
this is my last idea for this year. I hope it'll bring you some insights. First of all, the yellow box is representing a good structure level in the daily and weekly charts, that is the basis for each and every trade i place. After that, you can see the D point of a Gartley formation (though it's not valid at the moment) right near this spot. Alongside,...
Triple hit of support with RSI divergence.
Using heikin ashi smoothed (2-2) waiting for confirmation green candle.
Health and momentum is weak
Simple analysis but don't need to overthink this one.
Enter trade on 4 hour for tighter stop loss VERY important you know how to do this right.