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...
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...
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...
The most likely scenario is for EURUSD to climb higher up towards the rising resistance. On the chart I mentioned "Bullish Target" which is where I believe price action is likely to trend to next.
In the event I'm wrong, there are 2 bearish scenarios that I illustrated on the chart. So in terms of risk management if we can leave room to scale or add additional...
Just a simple trade idea to diversify with a small long lot amongst other pairs.
Worst case... it drops to the ascending support and then just add another small long lot. Best to trade this idea with other pairs and close out all positions as a basket.
Trade Safe
For those trading Yen crosses, I'm sure you all witness the extreme selloff across the board with yen pairs.
Taking a look at GBPJPY on the weekly timeframe, price action is still holding onto a strong weekly bearish candle formation. There is possibility of a bullish retracement but I think it's best to wait and see how this weekly candle closes out. If we...
Taking a look at the weekly chart, price action is tagging the ascending resistance while RSI is well overbought. My intuition tells me we may see a bit of a pullback here before we break the ascending trendline and reach the next critical level of resistance
RSI momentum has broken above 60, BULLS are in control for now. Looking for a pull back into Demand (Green) and exit trade at Weak Supply zone (First Red)
Trade is looking to be a 1:4 Risk to Reward.
Taking a look a 4 hour chart, price action closed strong to the downside on Friday.
I'm not waiting for a bit of a bullish pullback to enter in on some short sells to the downside.
Keep it simple.
I placed a black line at each level I will be adding sells with my final target down at 180.
That's it - That's all
Trade Safe!
The primary level yesterday plan was 4430-4450 zone which was expected to be resistance for longer time frames as well as for the intraday session.
We could barely do any trading above this level and we traded down into 4400 even before the cash session opened for business. 4400-4410 has even an important level for past few sessions and I expected some support...
Entry: with price above 134.08
Volume: with volume greater than 27M
Target: 143.16 area (this is an area, no guarantee it reaches this price, but you should be selling on the way up)
Stop: Depending on your risk tolerance; Based on an entry of 134.08, 131.40 gets you 2/1 Reward to Risk Ratio.
This LONG swing trade idea is not trade advice and is strictly...
