Cable is in a bullish phase at the moment, following Theresa May's Brexit press conference last week.
There has been a double bottom at the retest of previous resistance, and I expect price to continue to progress higher.
However, price is entering an area of resistance. It is entirely possible it bursts through and looks to test price around 1.28, but for now I...
Haven't seen much activity in the markets this week. Checked NZDUSD this morning though and found an at market Cypher pattern. This pattern has already pressed lower than the .786 retracement entry but is still valid which means we can get involved with a better risk reward.
Only a small risk on this trade so should be open to most traders. This is also...
GBPCAD closed the day in a very curious configuration that deserves being observed for potential action.
The price touches the trendline and on the Weekly (below) and on the Daily.
However, the closer zoom on the H4 timeframe in the main chart shows that the price actually broke out the downwards trendline.
Following some recent GBP strength, price has retraced. Reasons for the long trade:
Price is at the 38.2 % Fibonacci level of the recent upswing.
This is also an area of confluence with previous resistance.
Price has also retraced from the 61.8% to the 38.2% Fibonacci levels of the greater downswing
A double bottom with bullish RSI divergence and a pin bar on...
This pair has been very strongly bullish of late, and it is heavily overbought
Price is now in a well respected area of resistance and so a short is worth considering
An inside bar has formed on the daily
Target would be former resistance which should act as support at 0.7306 area
Price has been testing the resistance zone around the 1.064 area.
Following a recent double top, price did not fall very far and a strong rejection of previous support shows there are still many buyers in this market.
Should price breakout above this zone, I would target the 127% Fib extension of the entire range.
A hammer candle has formed on the Orange trend line (Resistance) which is big indication for it to go down but keep note that Teresa May will be talking about brexit on a Tuesday which will cause this pair to be volatile in either position but for Monday, I can clearly see it go all the way to the purple trend line (Support) if the resistance line does not get...
Following the Trump press conference the recent breakout higher has failed to hold above resistance.
Price completely retraced and broke through support, starting a new bearish phase on the hourly timeframe.
I am watching for another opportunity to short this index on a pullback. Former support at 11560s has confluence with the 38.2% Fibonacci level.
IF the new...
Following a deep break of support, price retraced back above support, but this pair is still looking weak (see hourly).
I am expecting a continuation of the recent weakness in this pair, and will be watching keenly tomorrow's price action on the lower timeframes.
Decent targets would be around the 38.2% Fibonacci level.
Price recently retested the lows, with price unable to stay below support on the retest.
Having broken above the previous consolidation area, I will be watching for signs of bullishness between the 38.2 - 61.8 Fibonacci levels (see chart), if the current retracement gets any lower.
A huge bullish candle on 4H suggests strength in this market.
The small bearish candle is probably profit taking and consolidation. If price should break above this candle I will be taking a long position and targeting the top of the range around the $57.40 area.
A more conservative target is the $56 level which has confluence with the 61.8% Fibonacci level.
Just been entered Long in a GBPUSD Cypher on the 4H. Wasn't expecting to get entered into this but had my limit orders ready. Market has gapped down to entry. Make sure to follow your rules on if the market can or cannot gap and still be valid - for me and my backtesting, this hasn't mattered.
Hoping for the usual targets, so will be paying attention to...
Having bounced at daily support around the 0.716 level, price has retested previous support around 0.7320.
Despite a poor NFP number, the dollar strengthened and this pair had a pretty bearish day.
A trend continuation opportunity is setting up. Conditions are not optimal, as the RSI is not overbought and the market conditions in general have not been great, with...
Here we have a bit of a messy Cypher pattern on EURJPY. I entered this late last week and thought I had made a post but must have missed the publish button. Since entering the market has rolled over about half way to first targets, but it will be interesting to see what happens going into next week.
Will be hoping for the volatility to pick up...
Heres another Bat pattern formation on NZDUSD 1H chart. Actually still valid to enter if you missed this, as we haven't broken below the X point yet, so better Risk Reward if you enter now.
Hoping for 2 targets on this bat pattern and in line with underlying market trend.
On a side note, Happy New Year everyone!