Confluence on this trade:
1. Bullish Market Sentiment & Bias
2. Weekly 50 & 60 EMAs broke above and crossed the 200 & 250 EMAs
3. Double Bottom
4. Tweezer Bottoms - followed by bullish engulfing.
5. Low Test on Weekly Chart to end the week
6. MACD Divergence - Bullish
8. Daily Rejection of 50 & 60 EMAs
9. 4H Break and Re-test of Bearish trend line...
Price topped out at 111.974, which held as resistance around the 12th April. Since then price action has seen sellers overrun any potential buying power, after such a strong push we expect to see exhaustion, which we did back up to the 110.50 area. Price is now being squeezed within the symmetrical triangle. Bears where having difficulty breaking the 109.111...
Entries for this trade are at these fibs level 38.20,61.80 and the 78.60 if it gets that high
stops are all set the 100 fib level: 110.828
Targets are all set to different fibs.
Question is where do you think it will turn or will it turn?
Price looking likely to form a falling wedge pattern on the daily timeframe although we can expect one more push to the downside before we see any signs of a breakout. simple correction play where our potential entry could be, which is a lot clearer on the 4hr & 1hr timeframes.
as we can see here on the CHF/JPY chart that the market has been trending in a tunnel in an upwards direction. after a couple of strong moves within this tunnel, the market then approached the top resistance trend line and a major downwards resistance trendline. in this area the market broke the trend and moved up to the upside, after this, the market came down to...