Price broke bearish and retraced bullish. I have marked the grey line which would be a 50% retracement of the bearish move. Price has formed bearish divergence and potential to move bearish towards to green line i have marked.
Risk exposure - 1%
Risk to Reward - 1:2
Happy Trading All.
This pairing is in an interesting place at the moment because it is reaching weekly highs it hasn't seen since August 2010... 9 years, price is currently 100 pips away from this level so we could see a bullish run up to it.
Another possible outcome is the 1 we have drawn on the chart, price could come back down to retest this trend line that has formed and make a...
We can see that price has respected this lovely trendline TL many times before, and we are expecting price to continue doing this... So we are going long on this position with a possible very good risk to reward target.
Get on this trade and thank us later... mines a vodka and redbull :p
I am demo trading and documenting my progress. This is not intended to be a sell signal !
Ascending Trendline Structure on 4H
Currently Trading Between Support & Resistance Zones
Sell Limit - 1.00950
TP - 0.9995
SL - 1.0127
two very strong resistance zones on the daily chart, as you can see the market has been rejected over 10 times at these levels since 2013. This is a very high probability trade, with an amazing Reward/Risk of 4:1
A rejection of the up trending trend line with a printed bullish engulfing confirmed for me that momentum would continue up to the 0.96800 area. Hitting target perfectly before now a possible new higher low being created.
The price is sitting within a very important area containing the monthly support / resistance and also a powerful demand / supply zone. At the moment it is pushing to break the monthly pivot along with the 78.60% fib level, I will not be entering until there is a clear break of this blue zone and a show of power to the upside. Possibly then heading back to the...
We've got this pair currently rejecting 23.60 Fib level but I believe it will push through this. USDJPY is moving in the same direction and these pairs like to move together, I will be shorting this down to 0.98364 support area. Could see a retrace back to the same fib level but have some US news coming up later where the outlook looks negative, so may not want to...
*Bears continued to pushed the price down*
*PA is now in the long holding support zone since April 2016.*
*Clear Break beyond 0.94000 would enhance the bearish momentum.*
*Alternatively, Important Economic Events for the US will be out next week.*
*Healthy Data in US Home Sales and GDP would be a good reason for reversal*
I would stay away for now.
this is a simple harmonic pattern that's setting up on the 4hr chart on USDCHF. It meets my personal rules and so i can take it at the D completion point, without waiting for additional confirmation. But you could nevertheless wait and see how price will react at this zone and then decide whether to enter short or not, it's a valid reasoning too. Stops...
0.985 - important strong support level
Bearish scenario: daily close below 0.985 will open the way to 0.97 (200 EMA on Weekly time frame, long term uptrend line).
Bullish: reversal around 0.985-0.99 and close above 0.995 - profit targets at 1.004, 1.0155 and 1.0345
Situation similar and correlated to DXY.