We are waiting to short NAS100
Taking a short at suggested entry will give;
Triple Top confirmation
High RRR (over 6.25)
Other factors in play;
Growing US-Sino tension (Tiktok situation / South China Sea / Chinese Journalists being forced out of America with China threatening retaliation)
Coronavirus is out of control in US
We are looking for another trend line touch, which will also give a triple top on 4hr time frame
RRR of 1:3 is quite possible.
However - if we do reach target within 36hrs we will then be looking for longs based on Unemployment data coming from NZD tomorrow evening (a little speculative - but again, if a tight stoploss is in place it is worth it).
Price has completed a Full Fib retracement - and so the upward trend can resume
Price creating higher highs and higher lows on the 1hr timeframe
NOTE TP1 = 75.433 = 1:1 RRR
TP2 as per Long position on chart = 75.880 area = 2.69 RRR
USDCAD Short -
Indecision on 1hr time frame as highlighted
Over Extended Rally
Rally close to Fib Level .382
Taking a medium short @134.210
Short order set at @ 134.355
I wont lie - taken some inspiration from Gwave here (credit where credit is due)
But, I am looking at this from a shorter time horizon - this trade fits nicely into a basic Support / Resistance Strategy - and so a good RR is offered.
I will be watching closely for how price acts when it is in the area highlighted - this will give price action confirmation that...
Rally seems to be over extended and now its looking for a pull back
We got wicked into the short which is always good.
Triple top formed and price seems to be struggling to break resistance @ 1.27700
Dollar seems to be finding a little strength across multiple currencys right now + Brexit news could weaken the £
A good RR offered of 4.41
Huge momentum in the market today
As per my previous post we were waiting for a short but the momentum is not with us there.
We have taken a bit of a scalp trade long but will be either be looking to take profit quickly or make it a risk free trade and see where the market takes us (but likely get stopped out at breakeven)
1) Price at long standing area of resistance
2) Weaker than expected AUS jobs report
3) RBA highlights uncertainty impacting growth and investment
4) Melbourne enters 2nd lockdown
6) Australia announces it will act as a haven for Hong Kong citizens - AUD/China tension will weigh more than USA/CHINA relations due to proximity / relative AUD...
Had some success on this pair last week.
1) US Stimulus expected next week
2) Surging COVID cases likely to see safe haven upside (this is somewhat ironic given the US is experiencing record gains when compared with places like NZ!)
3) As per the trades last week - the pair is hovering around a mid term area of resistance - this always makes for more...
So there are a few factors in play here for EURUSD
Short Term - Short
1) I will be looking for Short opportunities as the pair is touching a long term area of resistance
2) As per the chart EURUSD has seen a fairly rapid rally to get to this point, so a pull back on the lower time frames should be expected
3) EU Summit over the weekend (17th - 19th) has thus...
GBPSEK is trending hard to the downside, however as per the chart, price is approaching a very strong weekly Support line.
While I accept this is a low probability trade (likely get stopped out as im not willing to sustain massive losses), the Risk/Reward ratio is significant enough to warrant a little speculation.
The ideal set up is;