Good Morning Traders. I hope everyone has had a great week so far. These are my thoughts for GBP/USD. After a strong push to the upside momentum is finally starting to exhaust. I expect price to correct before continuing on an uptrend. Reasons for trade: - Strong wick rejection on 1hr indicating sell pressure. - Price over brought Advice: Trade one pair at a time....
Confluences 1) Wick Rejection @ Fib 61.8 % & Resistance 2) Tweezer Top @ 61.8% 3) H+S Formation - In Play 4) Double Top @ Fib 61.8% 4) MACD - Slow Bear Trend
Strong on all time frames within this recent down trend. Looking for a long term buy on this pair at potentially 1 of 2 different level, the first zone and more recent between 18.15590 - 18.19661and the second zone between 18.02835-18.11248. The trend line imply a continuation to the downside until we reach these levels. Also, we may see pullbacks continue to...
#EURAUD Price reacting to a zone and rejecting the zone looking for a break and retest. We have a trend line obstruction that we’ll need to break through. This downward move comes from a rejection of a channel on the daily. The first move I see is the continuation downward until we get to the weekly zone which will be difficult to break through. My entry...
#GBPJPY On the weekly, price formed a strong channel and it’s being respected on all lower time frames. Price has pushed downward after reacting to a rejection of a daily zone which also line up to the recent down trend. Drawing a trend line downward from the recent Higher lows we could see a push upside for a retest of the trend line again. Which is another...
A nice trade in sight on the Wick rejection strategy: most common is 1:1 but 1:2 is also quite possible depending on the momentum. Once position is good in favour move SL to B/E with some pips profit and let it run or bust.