Considering the fact that this pair is trading above the 200 SMA on both the daily and 4 hour timeframes, I'm looking for buy entry areas in this ascending channel formation. On the chart I pointed out several areas which basically are along the ascending trendlines. If at any point I receive an alert of price action tagging one of these trendlines, I'll look for...
EURCAD continues to trade within a wedge formation. I'm waiting for either wedge support or resistance to break. I have my alerts set for when this will happen. Upon receiving one of the alerts, I'll then look for an entry point. I'm not one to jump in on trade the moment we get a breakout. I've learnt my lessons the hard way many times in the past with that...
FAIL TO PLAN - PLAN TO FAIL So this trade plan is fairly simple. Rules to Follow 1. First and foremost, we need a break and hold above the descending trendline 2. Second, if or once we get the bullish breakout, we need price-action to pull back approx 50% of the bullish breakout impulse. This setup doesn't need a full pullback to support, which is currently...
Taking a look at the 4h chart, price-action remains confined in a wedge formation. RSI is suggesting we might get a bullish breakout as this is now the third signal of a break above 50 in this current wedge. The 50% Fib Retracement level is also something important to note as the most recent large impulse was an impulse to the upside. See chart below. I do...
Taking a look at the daily timeframe, price-action is currently supported by the Natural Consistency Flow. At the same time we also have divergence with RSI hinting at a potential short-term bottom. Personally I need to see price-action now make a daily higher high (closing above the last candle). Once we get that third confirmation, I would be inclined to going...
EURCHF is back down to all time lows. I'm not just waiting for a bullish breakout to the upside to go long with this pair.
Taking a look at the 1 hour timeframe, we have some clear bullish divergence with RSI and price-action. Whenever we get a setup like this, price-action does tend to bottom out and is likely to push higher. The question now is "Will PCE come in better than expected?" As of right now, the economic calendar forecasts for weaker than previous figures. This may leave...
USDCHF - Intraday Yesterday's Marabuzo is located at 0.8594. There is no clear indication that the downward move is coming to an end. The lack of interest is a concern for bulls. We are trading at oversold extremes. We look for a temporary move higher. We look to Sell at 0.8594 (stop at 0.8620) Our profit targets will be 0.8529 and 0.8514 Resistance:...
GBPJPY - 24h expiry A Doji style candle has been posted from the base. Price action looks to be forming a bottom. We are trading at overbought extremes. This is positive for short term sentiment and we look to set longs at good risk/reward levels for a further correction higher. Further upside is expected although we prefer to buy into dips close to the...
Taking a look at the 4 hour chart above, we can see price action is trading within a wedge. I'm now just waiting for a breakout whether it's above or below. My intuition tells me, a breakdown to the downside is more likely with the bearish divergence clue were getting with RSI. Should we get a bearish breakout, I'll wait for a retest of the wedge support which...
Not sure the culprit for this sell off but needless to say, whatever it was might spark further selling pressure in the sessions ahead. Look out for some minor topping action. Might be able to find some decent short sells around these all time highs. Trade Safe!
4hr chart is very similar to the USDCAD setup that I just posted. Basically waiting for this 4hr candle to close out, then will look for a pullback to the upside with pending sell limit orders in place to enter on the sell side and target the level I mentioned on the chart. That's it - That's all Trade Safe!
Taking a look at the 4hr chart, we have several technical indications that we may begin to see some short-term bottoming action. 1. RSI showing strong bullish divergence. 2. Strong Bullish Engulfing Candle. With that said, I think if we get a dip within the next several candles, that may present itself with a decent low risk long entry to the upside. That's it...
Brent - 24 expiry The rally was sold and the dip bought resulting in mild net gains yesterday. Intraday, and we are between bespoke support and resistance 73.72-81.78. Immediate signals are hard to interpret. Previous resistance, now becomes support at 77.40. There is no clear indication that the upward move is coming to an end. We look to Buy at 77.40...
NZDUSD - 24h expiry Indecisive price action has resulted in sideways congestion on the intraday chart. Momentum is flat, highlighting the lack of clear direction. Risk/Reward would be poor to call a buy from current levels. A move through 0.6225 will confirm the bullish momentum. The measured move target is 0.6280. We look to Buy at 0.6200 (stop at...
GER40 - 24h expiry Although the bulls are in control, the stalling positive momentum indicates a turnaround is possible. Current prices have reacted from a low of 16662, however, we expect further losses to follow. Price action resulted in a new all-time high at 17004. An Evening Doji Star formation has been posted at the high. A break of the recent low at...
US500 - Intraday Price action continues to trade around the all-time highs. There is no indication that the rally is coming to an end. A break of the recent high at 4744 should result in a further move higher. Short-term momentum is bullish. We look for gains to be extended today. We look to Buy a break of 4746 (stop at 4720) Our profit targets will be...
GBPJPY - Intraday Posted a Bullish Hammer Bottom on the Daily chart. This is positive for short term sentiment and we look to set longs at good risk/reward levels for a further correction higher. Preferred trade is to buy on dips. Although the anticipated move higher is corrective, it does offer ample risk/reward today. Further upside is expected although we...