- A double bottom has formed at a key level as you can see.
- We also have a break of a Descending Wedge which signals a bullish bias.
- Will be looking to take a long position if we get a pullback to the area on confluence where we have the 0.618 retracement, double bottom neckline and outside of the descending wedge.
- Will enter upon confirmation of a...
- A Triple bottom has occurred and as we can see price has come to retest the neckline of the Triple bottom pattern.
- Will be looking to go long providing we can get a Bullish candlestick formation such as the Engulfing or Bullish hammer.
1. We have a clean break of the Daily Descending wedge, will be look at taking a long position if price retraces and tests the Descending wedge and 0.236 fib retracement
2. Then looking to enter if we get a bullish candlestick formation
- As you can see we have recently hit a key support zone of 130.5 - 130.75 whilst in a Descending channel
- A break and retest of this Descending channel would give us a Bullish bias, therefore, will be looking to go long after we see a bullish candlestick formation
- As we can see a clear Inverted Head and Shoulders pattern forming at a Key support level
-Also have a break of a descending wedge which would signal bullish bias
-Will be waiting for price to retest the neckline/outside of descending wedge followed by a bullish candlestick formation for entry
1. As you can see we have a regular bullish divergence on the 4hr timeframe
2. In addition to this we are currently in a falling wedge
3. If we break to the upside and use my resistance area (black line) as support which is a key level we could see upwards of 300 pips
4. Signal to enter would be a bullish candlestick formation of the support area
1. As you can see we have a hidden bearish divergence on the 1hr timeframe
2. We have also hit a key resistance area signified by the plotted black line
3. We then have a bearish engulfing candle which adds more substance to taking the trade
4. Finally awaiting the entry signal of the rsi crossing the overbought band (60) in a downward direction
Expecting price to break upwards after recently breaking the long daily down trend and retesting the support zone (blue box)
Expecting EUR USD to go long after the Fed dropping hints of future rate cuts at last weeks meeting
Inverted Head and Shoulders ahead of FED interest rate decision.
Good risk reward ratio as you can see setting the TP @ 200ma and SL at recent swing low.
FED interest rate decision is forecast not to change this time however laying the groundwork's for future rate cuts later in the year.