NZD/CAD has seen a major move to the downside to our weekly zone due to the weakness in the NZD and the significant strength in the CAD, what we will be waiting for now is an impulse move back to our lower timeframe area of support which now will be resistance to catch another move back to our weekly zone.
Double confirmation can be used on multiple timeframes and is a very powerful rule to add to your trading. instead of buying at an impulse move created by limit orders you are simply going to wait for price to come back and wait for a bullish candlestick formation, that can be a significant pin bar or bullish engulfing candle. this rule requires some patience but...
Consistently making higher swing highs and higher swing lows. Take a BUY position at this area, potentially creating the higher low that we needed, in order to push towards the next extension level for take profit.
AUDCAD H1 - SHORT Double top formation into a resistance area. Look for selling pressure before taking a SHORT position.
Strong breakout of previous resistance, now turned support. It seems that prices are rallying due to the huge movement from US DOLLAR. If we get a pullback, we could take a BUY position. Be patient, do NOT chase the market nor buy when it is rallying. A strong move usually consolidates after awhile, or retraces for a better entry!
EURJPY H4 - LONG Strong push phase that broke the ascending trendline and now coming back for a potential retest onto the confluence zone. Look for a depletion in bearish momentum and bullish price action at the confluence zone for a LONG position, with take profit target at previous high.
Rising wedge pattern, indicating that the buyers are losing steam. We are looking for a breakdown off the wedge and support area for a potential SHORT if we get a retest onto previous structure.
An idea for the next trading week. Looking towards a breakdown retest formation. Look for a SHORT trading opportunity on the lower time frame to catch a good entry, with take profit at the next support zone area.
GBPJPY H4 - LONG Clear confirmation that prices broke a key resistance level, now turned support. We are looking for a pullback onto previous structure @142.300 level for a LONG position upon confirmation, towards the next resistance level. A trade to take next week.
A downside move followed by a falling wedge (side ways, depletion of bullish momentum) and now a breakout with a series of higher swing highs and lows. Potential LONG if we get a retest onto previous structure or support for a LONG position towards a key level @1.29100 area.
Impulse bearish leg that broke support area, now coming back to test the broken structure. Look for price action patterns at the reversal zone before taking the trade. Be patient with your setups, follow the flow with the market. You can't control the market.
AUDCHF H4 - SHORT Started of with bullish movement followed by side ways or consolidation and now, we are able to see a potential reversal of the bullish trend, made by a series of Lower Highs and Lower Lows. Prices recently broke the support area and we are looking for a pullback onto previous structure for a SHORT position towards the support area.
EURNZD H1 - SHORT Bearish move breaking down the ascending trendline and now came back for a retest, with a strong bearish rejection candle, or pin bar. However, bullish momentum may still be strong given how prices moved up towards the trendline and we may need to look for further confirmation or wait for bullish momentum to die down.
Double bottom onto support structure, making a push phase which broke the neckline resistance and turned into support. Classic breakout retest strategy over here and we can continue looking for BUY opportunities towards previous high.
AUDCHF H4 - LONG Potential double bottom formation at a support area. Look for bullish pressure to take a LONG position towards the upper trend. Otherwise, wait for a strong breakdown and pullback for a SHORT position on the lower timeframe, take profit target at the next support area.
GBPNZD H1 - SHORT Triangle break out, with a bearish impulse move. We are looking for a retest onto previous structure for a SHORT position towards the next support level. We will place a SELL LIMIT ORDER here.
EURAUD H4 - LONG Double bottom formation, and now broke out of it's neckline as well as descending trendline for a potential reversal. We are looking for a pullback onto previous structure for a LONG position towards the next resistance area.
Consolidation phase going on now. Clearly looking for a breakout for a directional bias, leaning towards an upside breakout for trend continuation. With a strong breakout, we could look for a retest onto previous structure for a BUY entry.