Take profit would be at the 382. fib level because that was were the recent noise at that area looking left. It does go a little against what I was looking for but the pin bar which touched the 618. fibonnaci level seemed to be a strong enough signal in my opinion to take a long trade to the upside.
Grabbing my attention on EURUSD currently is this resistance zone from previous daily pushes, recently we broke through yet we are now seeing a potential retest. You may of also clocked the retest of the trendline. Awaiting the closure of todays daily candle before looking to take any substantial moves. To confirm any trades on this pair I'll be looking for any of...
In this chart we can see the dollar index finding support at the same area as two previous lows. You may also notice Monday closure perfectly landing on our -0.27 Fibonacci extension, furthering on we spot a daily bullish spinning top Tuesday rejecting the low zone previously mentioned and closing above the fib level! Running from the end of September 2018 we have...
AUDCHF price has bounced from the major support zone highlighted by the pink rectangle. It has also been travelling in a descending channel. We believe price will now make its way up to the zone shown above (0.70500), price has made a Higher High on the 4H chart, it will now move up, break above the descending channel , come back down to retest the channel like...
Daily timeframe analysis:
- Price seems to be respecting the upward trendline and forming an elliott wave pattern
- Price has bounced off of the 0.382 fib level retracement
H1 & H4 timeframes:
- Price has broken the trendline and seems to be continuing down
I like to look at the higher timeframes to get a bigger picture of the trend, market patterns and price...
Price broke the trendline and retested and bounced off of the trend.
Consolidation around resistance zone and price pushed off of the 0.618 fib retracement level.
Possible buy opportunity.
Wait for confirmation candle...
EUR/JPY still looks bearish on the bigger TFs like the Daily and weekly after the breakout of the ascending trendline and retest, however price is creating a similar ascending channel on the 4 hr TF with a final leg of the impulse wave setting up a completion in confluence with the resistance zone and 200 ema. Price could go either way but I would prefer to see...
Following on from this day's daily candle closure, we are able to be given an impression that the long lower wick below the body demonstrates a rejection of the linear level as well as a further indication for the market to be pushed higher.
We are also able to identify the similar rejection when looking at the 4HR time frame. In addition, from the recent candle...
Overall I think we're still in for some selling pressure down to the 80.50 - 81.00 region.
We're seeing some really clean price action after a break of the 83.00 handle, with price making lower highs and lower lows.
The EMA Waves throughout the higher and lower timeframes are aligned.
If this does play out it'd form a 3 drives pattern, which I have seen...
Price has dipped into the weekly Demand zone at the 1.12000 level
There is a Supply zone on the 4hr TF at 1.13050 that could be a area to watch initially for shorts, if this level fails to hold there is Daily Supply at the 1.13600 level
I shared this idea in my trading group today and it looks very promising. The hourly candle which just closed looks very bearish. However, I will keep in mind any bounce from the trend line or the TP zones.
Trade safe and good luck!
3 days ago, I posted this great long term short opportunity and I have added short positions since. This trade may take a while to play out but tons of pips on offer and I have 4 TP (Take Profit) zones I am looking at.
Trade safe and good luck!
I will wait for confirmation to short this pair in my sell zone. If this does go to plan, I may hold for longer as a potential triple top could be
formed. However, having said all of this I will be cautious as NFP is around the corner.