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.
Triangle consolidation at the top, now broke down and looking for a retracement or pullback for a potential trading opportunity, selling it towards the next support zone. Look for bearish price action or bearish pressure to catch the move towards the bottom.
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.
EURNZD H4 - LONG Initially, we have a bearish trend and it went into a consolidation period where prices are moving side ways, more of a falling channel/wedge pattern. Current strength and momentum is bullish therefore, we are anticipating the breakout and retest confirmation for a LONG position Drop down to the Lower Timeframe (LTF) for a BUY opportunity...
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.
Push phase breaking out of trendline and now looking to pullback onto previous structure for a LONG position towards the next swing high or resistance area. Look for buying opportunities anytime now.
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.
Inverse head and shoulders pattern. This setup will take awhile before it becomes valid. We will be monitoring it closely. What we are looking for would be a strong H4 breakout and retest onto the neckline structure, followed by an entry on the hourly timeframe for a move upside towards our TP area.
Double bottom onto a support structure with huge bullish momentum given the current candle, although yet to close. If the resistance level and trendline gets broken, look for a pullback, retest or trend continuation pattern for a BUY entry towards previous swing high! Plan your trade and trade your plan.
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.
Rejections can be seen at our resistance area, failing to break through and eventually forming multiple tops. Our entry criteria here, would be to wait for a strong bearish breakdown move followed by a pullback or retracement towards a minor resistance level to consider taking a SHORT position. Plan your trade, trade your plan. Do NOT let your emotions rule your trades.