I have now entered a short position on the AUD/USD pair
- Confirmed downtrend with consistent lower highs and lower lows
- Rejection of fib 0.618 on 4hr TF
- 4h Doji candlestick rejection of fib
- 3 pin rejection pattern
Confluences are on the chart.
Confirmed downtrend with lower highs and lower lows
Looking like its reversing into 5th wave
MA crossover on 4hr TF
Rejection of long term trend line with tweezers forming on the daily TF
My tip is wait for the daily to close as a doji or spinning top. Stops above previous spike (122.090)
Currently entered into a short position on the the EURAUD. Confluences on the chart.
- Multiple 4hr wick rejections of monthly resistance
- 2 daily TF rejections (tweezer tops)
- Momentum slowing
- 4hr broken through lower trend line
Opportunity for a long position on the EURUSD. See chart for confluences but listed below:
Long term uptrend
Loss off momentum around fib 0.5 (Currently looking for a higher low to form here)
Daily candles - spinning top and hammer
Stops below previous low. Target is monthly/yearly resistance @ 1.08600
Gold is currently channeling nicely around the 1250 mark. Potential for a new long position after the recent retracement to 1250.
Await the 1hr candle to close above 1250 (key psychological level) and above the longer term trend line. Price should see 1260 again.
Potential for a FTSE100 short position. All time high for this index with price resisting to break 7350.00 area in january 2017. Channel forming in 2017 with prices again trying to break the 7330 area. Number of spinning tops/doji candles on the 4 hour timeframe and ma looking to cross back hinting a reversal and price drop down to 2017 support @ 7100 region.
Looking at a potential short on the EURUSD in the next few days. Nice channel forming on the 2017 sup & res @ 1.0827. Fib retracement at fib 0.382 on the recent downtrend. looking for the price to touch fib 0.786 at around 1.072 and then reverse down to 2017 support.