On the usd/eur setup, I see price has reached a minor resistance zone. Delving into the lower timeframe, I see price makes a minor ascending channel with HH's/HL's.
I am hoping price touches resistance zone and reaches first take profit.
price is in a symmetrical triangle while going through a consolidation period.
On the lower time frame, price seems to be reaching a resistance zone while creating HL's and HH's. I am waiting for price to retrace to the newly formed minor support zone to create a new HL so that I can go long until than.
Price is in a descending channel with price consolidating for a brief moment.
on the lower timeframe, price seems to have created basic support and resistance zones/levels which any trader can capitalise on. Waiting for breakout to confirm bearish bias.
on the gbp/usd, I drew up some basic s/r lines which have been tested both ways e.g (support being tested for resistance and vice versa). The support line where price has touched seems to have respected that area so I am hopefully preparing for a set up.
There are two outcomes to this, either price breaks support and retests the support zone below it OR price...
on the eur usd, long term movement is definitely bullish on the weekly and daily timeframe. Price seems to have made a large impulse move while being driven out from that huge resistance zone and has made a corrective move on the previous support zone which was also respected from previous data.
Delving into the daily/4hr chart, price made an abcd pattern so I...
PPB's investors haven't had much to laugh about this year, not even their comical television adds could cheer them up, i'm sorry to say that from the looks of the daily chart the stock could be in for some more pain soon. After a tremendous run in may the stock has seen a lot of downside until finally finding support at the 6000 level currently the price is having...
GBPUSD is currently testing a possible support level. The last candle was a long legged doji which confirms support here.
This is a good low risk opportunity to go long with and good risk to reward of 5:1. A stop needs to be placed just below the shadow on the doji candle at 1.30033 and would target 1.30800 which is just below the area of resistance marked on the chart.
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...