Price hit a level of resistance at 157.600 where it has been rejected a number of times and formed a strong supply zone. Expecting a retest of a key level at 156.800 or at the supply zone before continuing down to 155.200.
On the weekly chart, price has formed a pin bar at 1.11900. The first part of a H&S pattern has started to form on the 4hr chart. Expecting there to be a retest of 1.13000 before a reversal towards 1.15200.
A triple bottom has formed within a descending channel, and a strong pin bar rejecting the 0.5 fib has formed, suggesting a possible break of the descending channel. Aiming to take profit at the support level at 132.720.
After price breaking from an ascending channel, I expect it to retrace to support level at 1.37100 which will hopefully become a resistance level before continuing down to 1.36000.
Price has found strong support at 156.00 and has formed a pennant. Waiting on a strong move away or for price to break the support level and retest before continuing down.
Price has broken out below an ascending channel and now looks to be bearish. Expecting price to retrace to a supply zone between the 0.618 and 0.5 Fib zones before continuing down to 1772.00 and beyond to 1760.00.
Earlier today, price reacted nicely to a supply zone and continued its bearish trend. During which, a nice drop-base-drop supply zone has formed on the 1hr chart that lines up very nicely with the 0.618 Fib level. Expecting price to retrace to this level before continuing its downtrend towards 1.25000.
Expecting retracement to key level at 0.77000 before reversing and continuing with the downtrend. Lines up nicely with the 0.5 - 0.618 Fib levels. Will aim to TP at 0.75900.
EURJPY broke its downtrend on the 4hr chart at the end of last week with a strong bullish movement. Expecting retracement to the 0.5 - 0.618 Fib level which lines up nicely with a demand zone, before going long. Aiming for the next key level at 129.870.
GBPCAD has formed a very strong demand zone at the 0.5 Fib level, using the pin bar as a basing candle on the 4hr chart. Now that price has broken the ascending trend line, expecting a reversal in this zone, or the demand zone at the 0.618 Fib level. Aiming to take profit at 1.75555, potential for 140 to 290 pips depending on entry. Will wait for candlestick...
EURJPY has formed an ascending channel. Within this, there is a demand zone that sits between the 0.5 - 0.618 Fib. Expecting price to reverse where the demand zone meets the trend. Will wait for suitable candlestick confirmation before entering. Potential for 120 pips. Minimum of 1:2.5 RR.
Completely new to trading! Let me know what you think.
A clear demand zone can be identified on the 0.618 Fib and a supply zone at 1.07693 which price has rejected indicating its validity. Will wait for candlestick confirmation at the demand zone. Potential for 100 pips, risking 30 pips. Approx 1:3 RR.
Completely new to trading! Let me know what you think.
