EJ has now broken a bullish 1hr trendline and made nice lower highs and a lower low.
I am looking to short on this pullback now we have seen multiple 1hr rejections of the 119.500 level.
Aiming for a new lower low at 118.500
Nice set up forming on USDJPY with multiple timeframes coming in to alignment.
Daily timeframe is producing a new lower high with price rejecting the fib 0,786 retracement level and a previous bullish trendline to act as resistance.
I will wait for the 4hr chart to produce a trend reversal set up before entering. I want a lower low and the bullish 4hr trendline...
Momentum looks to be slowing on AUDUSD with price trying to roll over at this level.
1hr timeframe made a nice lower high and resistance at 0.68850 has held strong again. Multiple daily wick rejection candles formed last week.
If this bottom TL breaks then new lower lows will be made.
Nice liquidity zone and resistance forming at this level.
Looking for price to drop back down from here with 2x profit target levels at various points.
I will keep my stop loss way above the wicks and liquidity zone at this level.
Trend Continuation Trade
- Multiple Fib Clustering
- Complex Trend Analysis
Awaiting price to pullback to 1536.200 before entering a short trade and aiming for $1512.00
Stop Loss 52 pips above entry.
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My short term bias is bearish down to the bullish 4hr trendline and the $1518 price zone. This is where the 0.618 retracement of the last bullish wave sits along with the -0.27 fib extension from this weeks early pullback after the weekend gap was closed.
Once price hits the $1518 zone I will look for the break or bounce of the bullish trendline. Ideally, long...
USDJPY is struggling to breach 106.650 and a nice 4hr resistance zone has formed here. I am looking for 2 things to happen.
1) Bullish momentum break of the zone to take us to 108.500
2) Bearish rejection of this zone and a break of the ascending TL to take us down to the 105.00 support zone
I am attempting to short US Oil again but this time I have the added confluence of the CTL being broken and retested.
Another bearish wick rejection of the trendline and daily 50ema occurred yesterday swell. This gives me greater confidence.
I am still targeting $51 per barrel