I feel like this is a high probability setup. We got two fibs that align together, an upper trend line that is being respected. We also have a strong area of support and resistance. Finally to put it all togther we have a nice evening star formation.
i am trading to catch the pull back on this trade, overall trend is down. Will be looking to catch a quick 50 pips of this pair. We have a strong S/R level, price respecting the -27.2 extension level and also the bottom trendline. All this together builds a high probability trade.
Price is overall bullish on this pair. However this is a quick intra-day trade catching the pullback. First of all we can see price has hit the fib extension level acting as a resistance. Secondly that red line represents a strong area of resistance for this pair. Finally we have the upper trend line which aligns well with it. All this together creates a high...
Looking like a clean setup to the downside. First of all the overall trend is down so we are looking for short opportunities. We have a nice retracement to the 61.8 which also aligns with the 63.000 level. nice clean simple!
Price on the daily time frame is creating HL's and LL's indicating movement to the downside. A daily Fibonacci retracement to the 61.8. Also my level acted as a resistance level. Price also came shy from my daily descending trend line. Price created relevant price action giving us conformation to go short.
As you can see from price action that 1.31500 is holding pretty strong. Price created a shooting star on the 2H. This is a counter trend trade, looking to take it down to the daily ascending trend line. 120pips TP. 1:4 R/R
As you can see there are multiple rejections to the upside indicating a lot of selling pressure. On the daily time frame price is creating lower highs and lower lows. Also on the 1 hour price has created relevant price action.
Earlier on the week I suggested price for AUDCAD will rise but from price action i was able to get out of the trade and preventing myself from getting a bigger loss. Overall on the daily chart price is in a downtrend. So, i feel like price is going to decline as it respected the 38.2 fib level and also my resistance. Giving me the opportunity to go short.
AUDCAD on a weekly level for me as off now. Looking at the bigger picture price has rallied up and created a pull back to this level. Feel like sellers are out of juice and buyers are getting in control. Lets see how this plays out.
Price has created a false breakout from my trend line. This shows me that price will continue to rise. Targeting the 0.955 level for a nice 45 pips, potentially could go higher but got to secure the bag.
As you can see price has respected my upper 4 hour trend line. Has also closed below my key level. This gives a nice chance to short. Targeting the 1. 725 level for 155pips! Great risk/reward ratio. LETS GET IT.
We have entered a long position because as you can see that price has respected my 4 hour trend line. After testing the trend line price closed above the 140.500 level giving us a nice opportunity to go long. We are targeting the 141.500 level for a nice 80 pips!
Price has broken through the daily trend line and has retested it. After the retest price closed below the 1.14000 level giving us a nice opportunity to short. Targeting the 1.13500 level for a nice 35 pips.