Overall I am short on USDJPY long term and still have short positions in, but I am seeing a nice little long opportunity to complete the retracement that USDJPY needs. We have found support at 108.850 which is the 88.6% level of a daily bullish fib. I am looking for price to retrace up to the 4hr 50 ema which is the 200 ema on the hourly chart. Price has broken...
Here we have a nice little 4HR double top right along a broken daily ascending trend line as well as the daily 78.6% bearish fib acting as resistance. Seems to be forming a Cypher harmonic pattern with a risk to reward of 1:3.6. If this pattern completes then we could well see a continuation of price down to 1.28500 for a swing trade
Nice little setup to kick off 2020! here we have GBPCAD in a retracement phase on the hourly timeframe. I'm looking for the 38.2% daily bearish fib (red fib) to be hit which is sitting at 1.73000 to retest and carry on the down trend. On the hourly timeframe, price is making new higher highs and higher lows. Price is currently tapping the ascending trendline for...
From the last article posted about EURUSD. Hourly price seems to be forming a head and shoulders with the right shoulder having formed a double top right on the 50% bearish fib with a descending trend line acting as resistance. Only putting in a small stop loss as price could still go long as stated in the last article. Intraday target will be the duplication of...
We have seen a sharp break of consolidation being held at 1.33000 which is rejecting off a daily trend line. Price has come back up to broken support turned resistance and has respected the new resistance as well as other confluences for the short such as the 61.8 fib level and the 4 hourly 50 ema. If we can break the 0% fib which is currently sitting at 1.31565 I...
My target for USDJPY last week got smash for the long and as I stated that price could be rallying up to make and a head and shoulders ready for the drop. As we can see on the daily time frame, price has finally broken out of the ascending wedge and is retesting the bottom trend line of the wedge formation. As it is retesting the broken wedge it is currently...
After having a bullish run during the UK elections we have seen the weekly 50 ema ( daily Red 200 ema) been touched and rejected as well as a weekly descending trendline. As daily price has failed to print and close above the daily highs and rejected off the 78.6 daily fib level we could now see a long term bearish run to complete the bearish Gartley harmonic. If...
After a break of new highs due to the elections GBPCAD is coming into a correctional phase. I will be looking for previous support to be retested along with the 4 hourly 50ema and the 50-61.8% fib retracement before looking to go long with the target of 61.8 extension level
With a previous entry being held at 1.74042 we have now started an hourly and 4 hourly down trend. Price broke previous support being held at 1.73800 but within the next candle, price respected support and closed back within the range. Since it being respected price has made a rally back up to 1.73600 area where it seems to be currently creating a head and...
As we can see here that USDJPY has broken a 4 hourly descending trend line and is currently retesting it on an hourly time frame. on the daily we are still failing to brake current suppor. With the given price action I can see USDJPY to make one more push up to complete a daily head and shoulders before dropping. Also there is a bullish harmonic in play with the...