I am looking to short EURJPY down to the 2 support levels I have marked on the chart. Strong bullish move over the past 2 weeks and the daily trend is considered bullish so I will take profit at the levels marked.
I anticipate a higher low made on the daily chart next but still a good chance to get some profit from a counter trend short.
Lots of confluences for a short trade on GBPUSD.
Pattern Trading - Head & shoulders pattern confirmed on the 4hr timeframe (yellow circles)
Bullish Trendline Broken
4hr 50ema broken to downside
Lower low and lower highs now made.
Looking for a pullback in to the bearish TL and a retest of the broken bullish TL.
Price might keep dropping from here so the fib...
We are starting to see signs of momentum slowing down. Support levels set with next week/next months plans in place for a return to lows if key level is broken. Given the current economic conditions, we cannot rule out a possible bull rally.
The greenback is looking strong but it approaching some levels of resistance and should see tests of the...
Nice set up forming on USDJPY with multiple timeframes coming in to alignment.
Daily timeframe is producing a new lower high with price rejecting the fib 0,786 retracement level and a previous bullish trendline to act as resistance.
I will wait for the 4hr chart to produce a trend reversal set up before entering. I want a lower low and the bullish 4hr trendline...
FTSE100 is making some nice consolidation on the 1hr timeframe and is now breaking the lower TL.
I will wait for a clean break and then short on the retest and lower high. Targeting new lower lows at 7000
SELL – BP (BP.)
BP p.l.c. is an integrated oil and gas company. The Company owns an interest in OJSC Oil Company Rosneft (Rosneft), an oil and gas company. The Company's segments include Upstream, Downstream, Rosneft, and Other businesses and corporate.
BP’s second quarter earnings came in flat as increased production offset lower oil prices....
SELL – ANGLO AMERICAN (AAL)
Anglo American PLC is a mining company. The Company has a portfolio of mining operations and undeveloped resources with a focus on diamonds, copper, platinum group metals, and bulk commodities.
Anglo American recently delivered an impressive set of half-year results, yet the share price has fallen significantly in recent...
A slight pull back to 108.6 area will give a potential:
rejection of previous lower time frame descending trend
rejection of higher timeframe support/resistance.
Good R/R comes from targeting previous strong higher timeframe support/resistance
Simple TL break and retest trade. I have applied the fib retracement levels and the retest aligned perfectly with the 0.786 retracement level. This is then a lower high on the 4hr chart.
I am targeting a new lower low on the 4hr.
Classic, simple trendline break trade.
It is good to wait for a lower low to be made for the trend reversal to be confirmed. Then I like to enter on the next lower high for a better R:R entry.
Use the 1hr 50ema and daily pivot as dynamic resistance once both are broken and the retested from below.
EURUSD appears some more downside is inbound. Price is struggling to break higher and daily timeframe shows some nice resistance forming at this level.
1hr bullish TL is now broken and price is below daily pivot. I am looking to short down to the 1.1200 level where the 4hr/daily TL is for a retest.
Long term I am bullish but a pullback south is due first