I'm looking for a buy entry after we have seen price break away from a key level over the asian session.
This break out had increase volume and shown acceptance above the level, making me very bullish, it was only a matter of time before we broke this.
The trade idea is also in line with the 38.2 fib retracement.
Lets see how it plays.
As we can all tell, GBP has had a rally yesterday, and formed strong momentum to the upside.
With GBPJPY it has formed a bullish engulfer on the daily, and cleared a majority of the previous highs with one candle, i am looking to get in at the 50% retracement with stops below ATR and targets at the next daily level.
Price had a nice break away from this daily flip point and shown acceptance above.
This is clearly visible on the high TF so more attention being brought here.
I'm looking for a retest of the level and take a long to the previous lows for a 1:1.09 RR
GBPJPY is the most interesting pair for me today, on the 27th we saw price fail to close above its previous daily highs and rejected a daily trendline, showing a lot of selling,
But yesterday price shot right back up, targeting everyone's stop losses that went short the market, trapping the shorts.
Price has currently broken structure and trendline on...
Previous trade is now invalid for me, however after the commodity pairs have moved up very nicely yesterday, it has presented another trading opportunity.
On the daily timeframe, NZDUSD has formed a bullish engulfer, giving me a bullish bias.
So for an entry, i am looking to pivot long off previous structure, which is also in line with the 50%...
Good day all,
I'm looking to pivot long of the head of a daily hammer candle.
Popping down into the H1, we have a great level to trade off.
It is in line with the 61.8% retracement, previous structure and is in line with ATR.
Stop is below any previous highs and protected by atr, and TP is at the first problem area.
Price has failed to close below its daily lows and also daily support, suggesting a bullish tone.
Not only this, price formed a pinbar candle, showing demand here at this level.
I'm looking for price to come into previous structure and pivot long off the head of the pinbar, which is also a good flip point of support and resistance
May never happen, but...
Last week was terrible in regards to level trades, hopefully its better this week.
Here i have a trade set up, i'm looking for price to retrace to the 50% which is in line with previous structure and close to ATR.
Stop loss is above ATR, therefore protected and the TP is previous highs made.
Lets see how it plays.
Markets have not been respecting levels very well this month, however we must go on.
Got a nice level here, its been solid support and now resistance.
There was also good volume on the breakout of this support
Nice 1:1 trade
Price had broken away nicely from its small range and created some room.
I'm waiting for price to retrace back to its breakout point which was previous resistance now support.
This lines up nicely with the 38.2% retracement too.
I will bid just before the breakout.
TP is at an area i expect price to struggle on its way back up.
I'm looking for price to break this level, which is a weekly level (Prior support now resistance) and this hourly support level.
I want it to break and close beneath and get short on the retest.
I have given a rough trade entry criteria, s/l and targets will be dependent on the price action if it does follow through with my idea.
I'm still liking GBPJPY to the down side, i think price will probe these lows for a stop loss hunt and i would like to get in to the move back up.
I've set my buy limit at the purple line for a number of reasons:
1. It has been previous support now resistance (red arrows)
2. Fib confluence (white arrow)
3. Anticipation of grab of liquidity (blue...
GBPJPY is failing to make higher highs and has come back to this level (green line) multiple times, indicating that price is bearish.
There are equal lows here, meaning there could be potential liquidity pools here where price could probe and immediately reverse back to the upside or price could break this level.
I'm looking for a break and retest of this...