EURUSD is forming a bullish doji on 4H after a retest of our broken daily descending wedge pattern.
This retest lines up with a strong daily resistance, the neckline of a double bottom and 61.8% fib retracement.
I am already in this trade with entry at 1.1226.
There is high impact EUR news at 18.00 gmt so I will be moving my SL to break even nearer to the time.
As seen in a recent post of mine I am looking too short USDCHF. I did not enter the previous trade as I was waiting for a strong break and retest on daily before entry but I am still looking to short.
We are now retesting a broken weekly TL and are forming a nice bearish inverted hammer on 4H and if this closes I will be shorting to 0.9900 for around 80 pips. SL...
EURUSD has broken and is now retesting a daily descending wedge chart pattern.
The retest lines up nicely with an area of strong resistance, the neckline of a double bottom formation and the 61.8% re-tracement of the previous bull run.
Target 1 is at the previous high 1.1330 (113 pips), target 2 is a daily resistance and 1.27 fib extension at around 1.1415 (195...
EURAUD has struggled to close above weekly resistance at around 1.6240 since December 2009.
I caught 100+ pips on its previous drop from this level and I'm watching closely to jump on it again.
We have seen a recent break of the 4H trendline and now price is came back up to test its previous highs again, potentially creating a nice double top formation.
I will be...
GBPUSD is oversold on daily and has broken out the 4H descending trendline. Im now waiting for pullback to 1.2668 before going long.
The 4H 20EMA and 50 EMA have crossed over giving further confirmation for the change of trend direction.
Target is almost 200pips, at the daily 50EMA which lines up nicely with the previous low swing, a strong resistance level and...
CADJPY had recently broken out of a descending channel and is currently re-testing this as well as the resistance level 80.67.
Last week we closed with strong bearish momentum which I feel will carry on to reach our target at 78.45.
I will be waiting for a daily close below 80.67 before entering short.
All tips/comments welcome, I will update this as the trade plays out.
I am relatively new to the trading scene and recently have been studying techniques using raw price action. I am also trying to improve on my swing trading as this fits into my daily routines/lifestyle better.
In this analysis I will be waiting for a break of key level 0.99 (also I believe to be a phycology level), before shorting this pair for around 300...