AUDNZD Short UpdateEarlier I said price would retest resistance TL, and it may, but watch for just a straight out drop from here on out if it hits where the green line is.
1h
EURJPY Symmetrical TriangleNot sure which way it's going yet, so I won't be guessing.
Buy and Sell orders placed in case price goes in either direction.
USDCAD 1h Textbook Triple BottomI believe a triple bottom is forming on this pair, with each bottom being a higher low, indicating the end of bearish pressure and momentum.
(Note: the higher lows are indicative of an emerging bullish pressure due to sellers being unable to push price down below the last low)
Triple top and bottoms are known as reversal formations, when the market is getting ready to reverse from one trend, into another.
The third bottom has not yet fully formed.
The resistance neckline for this structure is the resistance TL in purple.
To trade this, I am waiting for price to approximately follow the arrows, with a target of slightly below 1.3160, and a stop loss of slightly below 1.3000, as it is a round number and therefore an important psychological zone.
CADJPY 1h Symmetrical Triangle(Wow there's a lot of these this week)
Same as always, resistance TL breakout results in a long position to the next significant resistance
Support TL breakout results in a short position to the next significant support.
USDJPY Interesting Setup With Bullish PotentialI am still biased long on UJ, so to buy I will be looking for a break of the triangle resistance, and will be watching the 113.93 area of previous resistance to either close my long position or add more long positions if price breaks upwards of 114.00
AUDJPY Support Trendline, Price approaching resistance at 87.05 +- 10 pips,
Waiting for support TL break at any point to short, and it may go up to high 86s, but either way, waiting for a solid breakout to short this pair.
This setup corresponds with the AUDNZD short, as it resides on a bearish AUD.
EURUSD Symmetrical Triangle Inside Support TrendlineNo clear position as of yet, but if the resistance trendline is broken, it will be another EU buy signal off a retracement end.
If the first support trendline is broken, that is the beginning of more bearish momentum, however the larger support trendline will have to be broken for me to consider shorting this pair.
NZDCAD 1h Bullish Double Bottom vs. Resistance trendlineInitially, I was looking at the above setup as a bearish rejection from the resistance trendline.
To not let my bias get the best of me, I also noticed that the two arrows point to a double bottom.
- Notice how the second bottom is a higher low than the first bottom, indicating bullish pressure and the inability of bears to push price down below the previous low)
It is hard to say in this instance, so I suppose I'll be waiting for a clear signal to go either direction.
NZDUSD 1h Short off Resistance Trendline RejectionOn a shorter time frame, the signal to short based off the main daily setup is more easily identified.
We have here a symmetrical triangle formed at the top of an uptrend.
The resistance trendline has been confirmed with the 3 points, and the support trendline as well - with roughly 5.
The short from this setup on the 1h has a target of slightly above the support trendline, and a stop loss of approximately above the end of the yellow resistance zone.
USDCHF - Huge Bullish CrabUSDCHF has recently completed a HUGE bearish crab on the 1H timeframe. TP1 set at 38.2% Fib retracement level.
