1h
Two Steps...Move to the Right NZDCAD Descending TriangleHad to move this setup to the right and adjust everything.
NZDCAD has now formed 5 consecutive lower highs, while maintaining a support at 0.9393 area.
Descending triangle as well, obviously.
Check previous NZDCAD post if you don't understand the title lol.
USDCHF 1h Short of Resistance RejectionPrice on UChf closed too early for me to tell, but it seems that price started to bearishly react with a previous support trendline.
After it was broken initially, it became a broken-support now-resistance.
Just a trade idea, will be watching markets closely to see what happens.
Also, keep an eye out for DXY.
EURUSD 1h Bearish Continuation PatternA chat full of traders can probably argue about the name of this structure
- flag, triangle, pennant, channel
Either way, this is indicative of more bearish action when the support of this is broken.
I've recently taken to only trading the best setups to decrease my losses, and this is it at the moment.
UJ and EU for now.
USDJPY Buy off Broken Resistance TrendlineUSDJPY has broken above the resistance trendline on the 30m and closed there.
Broken trendlines indicate reversals if used correctly, so up we go.
You can also wait for the 1h candle to close for additional confirmation.
USDJPY BullishNot a bad setup as setups go.
I will buy this pair for several reasons -
1. Price is at the support area of 112.60, not very strong bullishly yet, but that was towards market close Friday, so perhaps we will see something interesting this coming week.
2. Price is bouncing off the huge trendline, it was broken and is now being retested as support.
3. There is another, more recent resistance trendline coming in hot, you can see it better on the 30m chart. When price breaks this one, I will buy UJ.
4. The gap around 115.00 is still not fully closed, despite last week's surge in buyers, there are still 10 pips left uncovered.
1:2 Risk to Reward ratio.
EURNZD 1h Interesting SetupOn one hand, we have an inverted head and shoulders formation on the 1h and 4h time frames, therefore, price is still supposed to be heading to 1.4860,
However, not sure what state the Euro is in, so...if we see a break to the downside, as illustrated by the green drawing down, then price will fall.
Either way, we will know soon enough.
CHFJPY ShortPrice retested resistance, 1:2 risk reward ratio, short to next level of significant support.
XAUUSD (GOLD) Sell Stop OrderThere is some possible bearish action here as price is rejected from the resistance trendline.
This largely depends on the DXY's 4h/1h price action signal - see linked idea.
So I have placed a sell stop order to sell when price is sufficiently low.
AUDCAD 1h Short off Resistance RejectionPrice bouncing off resistance, gave me a hourly strong bearish confirmation candle.
5m you can see triple top formation
GBPUSD Symmetrical TriangleLook for a break of this support trendline to short, as well as DXY breaking the 101.70 resistance that I posted and mentioned earlier.
It will be easier to short GU since there is more space between the breakout and the next support - as opposed to the resistance trendline breakout and resistance above it.
EURNZD 4h/1h Possible Inverted Head and ShouldersA similar possibility to EURUSD on the 4h - so if price heads down on both those pairs, there will theoretically be an inverted head and shoulders.
The rest depends upon the strength of the Euro's NZD and USD pairings.
I also may look for a short, with a sell stop order at the green line and a target of slightly above the next area of immediate support.
