Pre-positioning for a break of the trend-line and 200MA. If the neckline of the head & shoulders pattern is breached, there's likely to be some bearish price action.
Fundamentally, I see all the risks in the Euro vis a vis the Sterling. I think this could be the trade of the year!
EURUSD pair has already broken all the up trend lines and formed new down trend lines at this point it is testing both up and down trend lines at the same point confluence of trendlines what we call it technically. I am shorting it for short term gains and risk is also not very high even if it gains momentum upwards again.
$EURUSD is facing resistance at short term down trend lines reinforced by 60 period moving average. wait for some more clear price action to develop I am still short on EurUsd until the above short term down trendline and 60 moving average are not cleared.
Daily S/R zone and trendline support are being obeyed which provides a nice R/R opportunity to go long. An hourly TL break in addition to momentum divergence and an oversold RSI provides a nice entry at around 19. Target the minor resistance around the nearest missed weekly pivot with a SL below recent lows.
We are at a key point here on GBPUSD. As you can see from the chart it has hit previous TL, the 20 day moving average and hit 0.5 on the Fib.
Watch tomorrow for direction.
I do already have a USDJPY short play currently but that is based on the 1hr chart, this is essentially the same play but enlarged on to the 4hr which offers me more room for profit.
The expected target for this 120.50 as opposed to the 1hr chart, the target is about to get hit pretty soon
One last one for my trading journal before the open tomorrow. UA appears to be consolidating in a symmetrical triangle right next to the weekly trendline. A break to the upside to continue the uptrend would be the more probable price direction, however this trade could be taken with a break in either direction. Since the lower trendline is a weekly level I...
Here we got another one of the infamous harmonic patterns with trend on the 4hr timeframe. This pair have been a little choppy the past weeks, so look out for how the price action is going to behave. We need an over sold RSI and a good retracement. Since this is a with short term trend we got 2 targets, i recommend to close half position at target 1, move stop to...
TEXTBOOK SETUP. GOT NICE CONFLUENCES ON THIS SETUP, PRICE BOUNCING OFF PREVIOUS RESISTANCE TURNED SUPPORT, TRENDLINE AND ALSO BOUNCING OFF THE 0.5 FIB LEVEL. TARGET 1 AT THE SWING HIGH WHICH HAPPENED AT THE END OF FEBRUARY AND SECOND TARGET AT THE NEXT SWING HIGH WHICH WAS IN DECEMBER LAST YEAR.
Good opportunity to get in long on this pullback as the resistance turned support lines up with the trendline. Wednesday is an important day for GBP because the average hourly earnings data will be coming out and the BOE said they.ll be concentrating on this data and this will determine weather or not they are gonna hike rates within 12 months. Labour data has...
Hello all,
hope you are enjoying the nice weather and even nicer stock market rally of late. It is a bit surprising to see the S&P 500 move to new highs into June but when a bull is charging it is often dangerous to draw lines in the sand. One can often get run over at best and even bankrupt oneself at worst. Regardless, a while ago I published this chart about...
