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USDCHF possible long tradeConfluence factors: -Flag pattern -Possible 38.1 fibo retest -Support/resistance -Possible 50 EMA retest -Bullish channel You can either decide to trade the breakout or trade the retest zone. Remember breakouts confirm the patterns that we think the market is doing. In this case, we are talking about a POSSIBLE (not confirmed) flag pattern. If the price breaks the above line and breaks the flag, then the flag is confirmed. Always manage your money wisely.
Long
by Javierif14
4
CAD looking weak!Analysis -CADJPY looking bearish after showing signs of reversal. Buyers pushed price up into and past resistance before the previous day's candle close. The next day, sellers stepped in and pushed price all the way down past yesterday's daily candle open. -The price action resulted in a bearish engulfing setup AT RESISTANCE which is a bearish sign. -On the 1H time frame, price just broke a bullish trend to the downside and has retraced some pips, possible retesting breakout. -There is also bearish RSI divergence on the 1H time frame which further eludes to price possibly reversing to the downside. -The reward/risk seems tight for the setup (given the distance between daily S/R) so I'm waiting for a strong pullback before entering short Entry, Stops and Targets -Short Entry: 83.79 (I entered on a pullback after price broke out) -Stop Loss: 84.275 (Set stop above the high of the daily reversal candle) -Take Profit: 82.82 (Set targets at a minimum of 1.8 times your stop depending on entry) = 2R *Manage your EMOTIONS, manage your RISK, follow your STRATEGY*
Short
by Mankz
TURNING PRO CHALLENGE TRADING STRATEGYEURUSD - PRO CHALLENGE TRADING STRATEGY WEEKLY CHART Current Price at Weekly Sup/Res level of 1.1300 DAY CHART Previous Evening Star candle patterns created Bearish moves Watch for current Day candle to close Bearish to complete a 3rd Evening Star Pattern Previous day candle was a Bearish Pin Bar These candle patterns will confirm a Bearish continuation move short 1H CHART Add Standard Pivot Point indicator Price is returning down to Weekly S/R level and current Pivot level This created my 1st Sell Take Profit zone where I will close 1/2 of my trade Watching for Price to break below these two support levels 2nd Sell Stop @ 1.1280 Finale Take Profit close all trades @ 1.1235 Find SL
Short
by Tradingstrategyguides
GBPAUD Potential Short As you can see, price has tested 1.84000 multiple times over the past couple of days. We are currently in a consolidation period, with Brexit news incoming the market seems to be preparing for the outcome of those results. If we can see a clear 4h rejection of 1.8400 we would be looking for some downside for this pair. 1.8400 is also lining up nicely with our 38% fibonacci level which gives me another confirmation for entry short. Not only that it looks to be respecting its 1H trendline. Target wise, I would be looking at the weekly support level at around 1.82500, which lines up nicely with my 27% fib target. A break above 1.8400 would invalidate this set up and I would be then looking at a daily close to see if price has rejected a day key level at 1.84300. If we see a break and close above this, upside would be my new bias.
Short
by lewisqfx