MTForexBook

MTForexBook

USDNOK looks to be breaking above and possibly retesting this descending trend line on the 4H. The next couple of closing 4H candles could indicate a clear direction.

MTForexBook

USDCAD made it up to the descending daily trend line. It's now backtesting ascending trend line. Next couple of closing 1H candles will likely dictate direction.

MTForexBook Updated 

We are at a major descending line and a support/resistance horizontal line. I would look at the 4H for directional queues. If we do break above, I would look for a solid retest and confirmation candle before getting into a buy. You may need to do this on the 1H. Fib extension lines are marked.

MTForexBook

Pair has numerous reactions at this current level. We are testing this level at this time. Either wait for a confirmation candle to indicate a move back up or wait for a break down and retest before a sell position.

MTForexBook Updated 

Pair has channeled down to a reaction zone. My preferred is we break up above a descending line, retest and head back up to the 38 Fib extension line. If we break down, look for a retest of broken support line before taking a sell position. Wait for confirmation candles!

MTForexBook Updated 

Pair broke just above resistance trend line and looks to be coming back down within channel. I’d wait for a confirmation candle prior to a sell. If the next 4H candle breaks back above and holds we could be in a buy position, but again only after confirmation.

MTForexBook Updated 

Pair broke down below a key reaction zone rather impulsively. I’m waiting for a retest of this reaction zone before taking a sell. I think we ultimately go and retest what I have marked as a primary bottom trend line.

MTForexBook Updated 

Two reactions don’t make a trend. However, we are at both a horizontal support, a potential third reaction of this ascending line. We are also oversold on the 1H. If we can make a break back up, there might be opportunity to get into a long position. If this current candle is a back test and then followed by a red candle, I’m thinking we come back down to the...

MTForexBook Updated 

We’ve broken down quite impulsively. However, we have broken through two very key support/resistance zones without retesting. I’m expecting we retest over the next day. You may need to look at a 15-30M timeframe to look for a turn-up back to the broken lines.

MTForexBook

We are at a clear horizontal reaction zone and coming down to test an ascending trend line. If we start reversing up over the next 1-2 1H candles, it might be a good buy. Otherwise, if we break below, look for a retest of the broken support before taking a sell.

MTForexBook

We have broken down below the trend line. We are currently retesting. The next 1-2 4H closes will tell you direction. Either back up above or we fall below. If we fall, we could fall pretty far to the next clear support zone.

MTForexBook Updated 

We are at a crucial area as stated from the May 8th post. I would wait for a clear direction queue on the 4H prior to making a trade. We’re either going to break above these resistances, back test and head higher, or fail. If we fail we could retrace back down to the 23/38 Fib lines (from a daily view).

MTForexBook Updated 

CADJPY is going to hit this descending line within the first 8-16 hours this week (I'm guessing). At which point, I'd be inclined to either take a sell if we have confirmation of falling or I'd wait for a break above and a confirmed back test before getting in to a buy. It has not broken above this descending line since the beginning of its formation.

MTForexBook Updated 

We’re at a horizontal support and have now created three reactions on this 1H ascending line. There’s not a lot of room between where we’re at and the horizontal support/resistance line. Thus, I might wait for it to break above the horizontal or break below the ascending line to determine a clearer direction.

MTForexBook

We've broken down to a horizontal support/resistance line and adding the third point to the ascending trend line. We were also oversold on the RSI. This could be a good buy opportunity.

MTForexBook

We are currently at a key reaction zone. I'm going to wait for a clear 4H retest and confirmation candle before going into a buy scenario. These giant swings are a little nerve-racking.

MTForexBook

Note: We never have to retest a broken support/resistance line. But, the two charted are very important and obvious lines of reaction. Thus, I anticipate a test of the Mar 2020 line, at minimum, before heading down. If we do break the Jan 2020 line, we could be heading pretty far into the depths.

MTForexBook

This held above the midpoint last week. I'm thinking it pushes back up to test the top of the channel. The 1H has been needed 3 of the last 4 times for a confirmed sell. So, keep an eye on the 1H when we get close to the top of the channel.