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I am currently holding shorts on this pair. We have had a nice corrective structure on the 4H and a retracement and rejection off the 61.8 fibonacci level. We have also broke back below and retested 1.40500 monthly support level as well as broke the counter TL on the 4 hour. Currently seeing a small area of consolidation on the 1H time frame before i expect ...
Break and retest of daily trend line and key support level 114.450 is a trigger to go long. Break above 200EMA, targets set at -61.8 fib at 115.975.
61.8 fib rejection, a CTL will trigger a short entry down to target 1.39200. Monthly showing bearish engulfing pattern with the weekly still threatening to break below daily support of 1.41300. A clean break below this level on the weekly time frame should cause huge bearish momentum down to target.
Bit more of an educational post for newer traders to hopefully learn from. Basic insight on a clear chart of how support and resistance levels and price structure works. We can see with every down trend and break below support we have a pullback and retest of support turned resistance. Likewise now we are in an uptrend with some strength in the pound for every big ...
Potential short setup on the 1H time frame, we have had a 61.8 fibonacci retracement and are now set for a counter trend line break, if we see a break below this trend line i will be looking to go short.
Potential shorts on USD/JPY.
On the daily time frame we have seen significant resistance at 118.600 after multiple rejections and the bulls appear to have lost momentum. On the lower time frames we have had a 50% fib rejection which if a CTL breakout occurs i will be looking to go short.
First target set at -27% fib extension
Second target set at -61.8% fib ...
Potential short setup on EUR/JPY, we have had breakout of the ascending triangle which seemed to trap price just below resistance level of 1.23200-1.23400 where the bulls couldn't get a close above on the daily closed. Now we have had a breakout to the downside, and a re-test of the ascending triangle there is potential for a short setup on the 1H time frame. ...
50% fib rejection and possible CTL crossover by the end of the hour will trigger a short entry for me. I will be looking for -27% as target. 2.5:1 R:R.
Only negative confluence i have to go short is the previous daily candle, bulls really pushed price back up yesterday so potentially a lot of buyers in the market.
Current position on EUR/CAD +45 pips up.
However we have now had the break of this 5 wave triangular structure to the downside so i am expecting more downside momentum to continue.
Daily support at 1.38800 is our next key level, if we break below that we're heading way down to 1.37600.
For more trading info head over to my instagram - Tag in BIO.
On the 4H time frame we have a symmetrical triangle that i am looking to short upon the breakout of the lower trend line. There has been a lot of resistance at the 61.8 fib which coincides with the 1.23200 key resistance level which the bulls have failed the break above on the daily close. If you look on the daily chart there has been several rejections of this ...