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60pips

AUDUSD 60 PIP SELLAUDUSD showing great potential for a 60 PIP drop. As we can see on the 4hr chart that a descending triangle was recently broken and we have now reached a level where price was rejected before and seems to have done now. With this rejection i can see a pull back of around 60 Pips to retest the previous descending triangle before forming further higher highs. I have set TP at the next most significant zone in the previous trend which was rejected multiple times which leads me to believe it could also be support for the pull back . This support zone is also situated at the 0.50 fib level which further leads me to believe price will return to this level and now find support instead of resistance. RSI(10) recently showed an oversold condition in the focused area as well. With these points combined i think AUDUSD has great potential for a 60 PIP drop. TP is set at 60 PIPS and SL at 35 PIPS !
Short
by tradingonthego
2
USDCHF 60 PIP SELL USDCHF showing great potential for a 60 PIP drop. Currently we are sitting at a strong zone of resistance on the 4hr that recently was rejected. We can clearly see beforehand a bearish trend was predominant in the market and we recently saw a break of this trend to the upside. Taking this into consideration i believe we will get a pull back from this break which with the strong resistance level we are currently situated at leads me to believe it will happen very soon. Furthermore the RSI(10) is also showing an oversold zone which can also be seen in multiple other points on this significant area. Unfortunately 200 EMA is currently not showing much for a short. We could see the trade potentialy go further if it then breaks the support at which i have set TP and once again test the lowest low.
Short
by tradingonthego
AUDUSD 60 PIP BUY AUDUSD showing great potential for a 60 PIP rise. We currently have a well tested ascending triangle formed showing great areas of support and resistance, on 4hr we can clearly see this has been forming a while and is currently at a significant point which has been held numerous times before. The ascending triangle follows after a strong bullish market after the lowest low of COVID-19 on the market in march. I can see price testing the resistance of the ascending triangle once more before deciding its outcome. RSI (13) has also showed clear points of oversold positions along this form of support which is hence why i am showing it in the analysis. Unfortunately the 200 EMA is not currently showing much but we could see price break above it very soon ! TP is set at 60 pips and SL at 35 PIPS.
Long
by tradingonthego
GBPCHF 60 PIP SELL GBPCHF showing great potential for a 60 pip drop . Currently gbpchf is in the process of forming a pennant , due to the strong bearish momentum beforehand in around September i believe that the market is consolidating to ease the market down before further reaching new lower lows. Alongside this we can also see a bearish trend forming within the pennant which further leads me to believe in the downside momentum. The 0.50 fib level is clearly acting as a very strong resistance level in this example as well as price recently coming under the 200 EMA . The trade had been placed within the pennant but I will also look for further entries when we see a clear breakout to the downside. Take profit has been set at around 60 pips and SL at around 35 pips !
Short
by tradingonthego