After seeing the recent leg lower it's safe to say that the bears are looking to take this market lower. A recent divergence on the daily confirmed the move lower and resistance is currently being tested.
The 4hr and 1hr charts are going to be key for entry points - only if confirmed.
I am seeing consolidation to price in fundamental moves. My plan here as a bull is to wait for the support level to be tested before jumping in long.
Alternatively, I can always wait for a break of range and buy off the support reversal.
Here we see the rejection on the 4hr chart with some noticeable wicks. Bulls have eyes on for the next opportunity.
This pair has absolutely dumped given the blatant USD strength and NZD weakness, really clear S/R zone, but not confident whether it will hold or not, we have 0.71 whole number support confluence too.
Remember, we are not interested in trading this pair until we have a blatant reversal signal. All we can do is monitor and trail the zones and prepare...
Letting the dust settle from the weekend headlines and Sunday/Eastern market open, NZD and AUD resumed weakness.
Don't try and catch a falling knife so to speak, we want to follow the zones that break until we see seller exhaustion.
Our strategy originally presented a sell on the pair in question at 6am UK time.
However as the market shifted a valid buy trade is now live and trending in correct direction.
We are working the H1 time frame here to a RR ratio of 1:2.5
I know from the built in strategy tester this pair was profitable all last year trading with a ATR based...
. The price is trying to break downtrend #1 for the second time. It will be a buying opportunity if downtrend #1 is broken.
. Also, it will be a possibility of temporary retracement to the buy zone when the price reached the suggested resistance line (7.5150) and downtrend #2.
. Traders can set orders based on Price Action...
GBPJPY H4 - Absolutely slammed 200-300 pips downside on most GBP pairs, following each support zone, one zone at a time, not trying to catch the bottom of the move. Personally sitting on the sideline until new year. But same principle and trading system applies. Follow the zones until you can react.
This is just a simple trade which you can take for 35%. BINANCE:DOTUSDT has been testing support for a while now and there's a good buy opportunity. If we manage to break the trendline I believe we will see much more than 35% increase but it's good to have a trade plan and management , not throwing crazy numbers on the chart.
I'm simply saying it' a ...
GBPJPY H1 - Off the back of the BOE members speeches earlier on today and comments from Barnier, GBP has been losing a bit of ground, simply looking for a clean break of support and subsequent retest so we can look to grab short orders inline with the reversed trend, again, if this unfolds, this will be something we look to personally trade and will look to signal.
GBPJPY H4 - Must await a candlestick close on the H4 timeframe here to give us that confirmation we are looking for to see some downside pressure. Massive rally seen here, ***YEN pairs ripping upside for the most part, would be good to see some corrections soon, RR ticks the boxes as long as we don't dump.
EURJPY H4 - Strong rally to break this S/R zone marked in red, still over an hour to go until we see a close. But a retest of the counter trendline support/local support would be a good intersection point to try and catch a bid.
1) Price at the weekly resistance zone
2) Triple top
3) Daily bearish engulfing candle
4) Price broken consolidation phase, now waiting for a correction before sell trade entry
5) Divergence @ daily
6) Double top at daily
Wait for ABC completion
NZDCAD H4 - 0.88 would be a nice zone to find support and a double bottom bounce, key psychological number, big S/R zone, second test would be for the second leg double bottom. Nice tight stops too, so very lucrative RR setup.
EURNZD H4 - Break and retest seen here on EN, potential downside mileage as we catch more volume, early on during the week, expecting more to unfold, hardly anything on a data front to move markets so just need to sit and watch.
ZRXBTC. 1H. Nice break out of symmetrical bullish triangle. Not too much to stop this gathering momentum for some upside. 0x Protocol a seasoned & brilliant project destined to continue achieving excellent position within all aspects of the Crypto space.
NZDCAD H4 - Very similar to AUD, NZD is on fire at the moment, outperformers again, still just trying to anticipate a pullback, a retest of the marked region would be a safe entry point with justified RR and stoploss positioning.