NZDJPY has recently reversed its downtrend. The bulls have been more aggressive than the bears leading to the formation of an ascending triangle. Upon a candlestick breaking and closing above the horizontal resistance, I will go long. Stop loss is just below the swing low while the take profit target is at the 50.0 Fibonacci retracement level of the swing high to...
GBPUSD has recently been on an uptrend. A bearish bat is nearing its completion with bearish divergence. This gives us an opportunity for a countertrend trade for the pullback. Other GBP pairs are likewise are at or near their resistance levels. Upon D completion and confirmation of the bearish bias, I will go short. Stop loss is just above X point while the take...
EURGBP has recently been on a strong downtrend and formed a bullish bat. There has been a break and close above the channel resistance on H4 timeframe. As such, I will go long at 0.87468. Stop loss is precise which is just below point D. The take profit target is at the 38.2 Fibonacci retracement level of the leg AD. Trade details are as follows: Trade Setup:...
GBPJPY has been on a long term downtrend and is on a trendline resistance. It is also showing bearish divergence which gives us an idea that the uptrend could be near its exhaustion. Upon break and close below the 2 trendline support at 147.884, I will go short. Stop loss is just above the swing low while the take profit target is at the 38.2 Fibonacci retracement...
USDCAD has been on a downtrend and formed a double top with broken neckline. As it is also on a trendline resistance, I am looking to go short upon a 61.8 Fibonacci retracement of the price from the 2nd top to the swing low. Stop loss is just above the 2nd top while the take profit target is at the 38.2 Fibonacci retracement of the swing low to swing high. I will...
USDJPY has been on a recent downtrend and there is a double top with broken neckline. As I am expecting the downtrend to continue, I will set a sell limit order at the 61.8 Fibonacci retracement level (also at a trendline resistance) of the swing high (right top) to swing low. Stop loss is just above the 2nd top while the take profit target is at the recent swing...
USDCHF has recently been on a strong uptrend. However, there is a bearish divergence which gives us confidence to search for short setups. I am looking for a candlestick to break and closebelow the horizontal and trendline support at 0.99064 as confirmation of the bearish bias. Stop loss is just above the swing high while the take profit target is set at the 38.2...
EURUSD has been on a downtrend and there is a possible bearish cypher nearing its completion. As I am expecting the downtrend to continue and with confirmation of the bearish bias, I will go short at 1.15246. Stop loss is just above the X point and the take profit target is set at the 61.8 Fibonacci retracement level of the CD leg. Tentative details are as...
AUDJPY has been on a downtrend and a bearish bat has been completed. As I am expecting this to continue and with confirmation of the bearish bias, I will short at 80.570. Stop loss is just above X point while the take profit target is at the 61.8 Fibonacci retracement level of AD leg. Trade details are as follows: Trade Setup: Bearish Bat Price Entry 80.570 SL...
EURGBP has recently broken the long term trendline support and a bullish AB=CD has been completed. D completion at 0.87749 is within a potential reversal zone between the 127.2 and 161.8 Fibonacci extension level of leg CB. The confirmation of the bullish bias is a candlestick breaking and closing above the short term trendline resistance on H1 timeframe. Thus, I...
NZDCAD has been on a downtrend. Price is also in a potential reversal zone of a bullish butterfly which is between the 127.2 to 161.8 Fibonaccci extension of AX leg. This is authenticated by the fact that price is within the 161.8 to 261.8 of Fibonacci extension of CB leg. The confirmation of the bullish bias is the presence of 2 breaks and close above the H4...
EURUSD has been on a recent downtrend and a bullish AB=CD has been completed. D completion at 1.14634 is within a potential reversal zone between the 127.2 and 161.8 Fibonacci extension level of leg CB. The confirmation of the bullish bias are a candlestick breaking and closing above the short term trendline resistance and a candlestick with a higher high and...
EURGBP has been on a short term downtrend amidst a long term uptrend. Yesterday, there was a break of the long term trendline support with a bearish engulfing pattern. Therefore, I am placing a sell limit order at 0.88668. Stop loss is just above the pattern while the take profit target is at the 61.8 Fibonacci retracement level of the long term swing low to swing...
AUDJPY has been on a downtrend and is currently on the trendline resistance. There is a double top with a break of the neckline and formation of a new swing low. As such, I am placing a sell limit at 82.046 which is the 61.8 Fibonacci retracement from the right top to the swing low. Stop loss is just above the higher (right) top. The take profit target is at the...
There is a possible bearish bat for USDCAD. D completion is at 1.29670 which is the 88.6 Fibonacci retracement of leg XA. Upon confirmation, I plan to short the currency pair. Stop loss is just above point X while the take profit targets are set at the 38.2 and 61.8 Fibonacci retracement levels of leg AD and point A. If this setup remains valid and is completed,...
This post is an update of a previous trade idea which remains valid (). As I was waiting for confirmation of the bearish bias, this setup became available. It is based on a double top with broken neckline and formation of a new swing low. As such, I am placing a sell limit at 1.57770 which is the 61.8 Fibonacci retracement from the right top to the swing low. Stop...
USDCAD has been on a recent uptrend. There is a possible bearish Gartley. Upon D completion at 1.33172 (78.6 of XA) and confirmation of the bearish bias, I will go short. Take profit targets are set at the 38.2 and 61.8 Fibonacci retracement levels of leg AD and point A. The stop loss has the same number of pips as TP1 by default. Tentative details are as...
There is a possible bullish bat for GBPNZD. Upon D completion at 1.76226 (88.6 of XA) and confirmation of the bullish bias, I will go long. Stop loss is just below point X. The take profit targets are set at the 38.2 and 61.8 Fibonacci retracement levels of leg AD and point A. Tentative details are as follows: Trade Setup: Possible Bullish Bat Price Entry...