BUY HK50 IndexWe are seeing a confluence of technicals, break of resistance, cross above 52 period MA and also the bullish engulfing, and good fundamentals, with the global recovery after the pandemic. We will see some bullish movement to the next resistance.
Breakandretest
Possible Reversal Setup on USDCADOn UsdCad, we could be seeing a potential reversal forming. Price has been in a steady downtrend for quite some time now, but it may seem like we're losing some bearish steam. If we look on the monthly timeframe, we could identify a clear support level that price is sitting at right now. This is a major factor that identifies price may reverse at this point.
Looking at the daily timeframe, we could see that price is having difficulty breaking the current support level to continue bearish structure. This could identify that sellers cannot take over and buyers could come into play soon. I've identified a significant resistance level that could be useful in the future. If price manages to break this resistance level, I'll be looking for more uptrend structure before trying to capitalize on the bullish reversal. For now, just patience.
Possible Buy Setup On AudJpyWe have an interesting setup forming on AudJpy. On the larger timeframes, we could see that price is trending upwards through a bullish channel. We have just recently rejected off of the non-horizontal support level and created some uptrend structure (higher high, higher lows) after the correction movement. Now, I've identified two levels of significance. One is more noticeable on the H1 timeframe, and the other is more noticeable on the H4/D. I've labeled both to distinguish the difference.
As for validity of the levels, I usually tend to resort to the level most visible on the higher timeframes (aka H4). The levels on the higher timeframes seem to just hold more significance and work really well when you're able to identify them. I would consider the H1 level, more of a "minor zone", while the H4 level is a "major zone."
As far as analysis goes, price has just recently broken the minor zone and retested it on the lower timeframes. If you're eager to enter a trade, this entry wouldn't be a bad idea. But as for me, I'm going to wait for extra bullish confirmation by waiting for price to break through the major zone. This will certainly show a sign of strength for the pair, and I'll wait for the retest before executing longs. Enter at your own risk!
Buy Setup on NZDUSDOn NzdUsd, price has been overall bullish on the larger timeframes. I've created non-horizontal support/resistance levels to contextually analyze where price is relative to the levels. We could identify that price is currently sitting at a non-horizontal support level, which signals buy setups.
On the lower timeframes, price has been ranging between a significant support and resistance level. The only times price has broken this range is to reject off of the non-horizontal resistance and support level. If price manages to break through the resistance level, this will show a sign of strength to me, and I'll be awaiting a pullback to the level before considering a buy setup. If we have some bullish rejection present on the retest, I'll most likely go long. But for now, patience patince patience.
AUDCAD sellSelling AUDCAD after price broke a key daily and 4H level, had a proper pullback towards the level (break and retest), and is now starting the sell down once again. Price has already rejected off our key level and key Fibonacci zone.
GBPCAD analysisGBPCAD has been rangey since 2019. Started trending down in April 2021, and it seems on the way to the bottom of the range.
I'm not in love with the price action.
1/20 SampleFirst Trade in my 20 sample size. I dont normally trade on mondays but o whale setup looking nice. Outside of my normal early NY session Simple B&R targeting some money up high. Definitely a FOMO entry but I dont really care and I just wanted to be in this trade RRR is still there. If price moves lower imma take another entry. 0.5% risk . SL is pretty Tight ngl.
Sell Setup on USDCHFOn UsdChf, price is beginning to retrace back to the significant resistance level. Price could possibly be rejecting from it now, but I would wait until price fully overextends into the level before expecting some bearish rejection. Just patience for now
EUR/USD up for the next couple of days... EUR/USD has been in an uptrend for the last week or so. Today I found another break and retest set up for a buy on the daily and four-hour charts. Price is above the MA's, and it looks like it will hit those previous highs. Looking forward to seeing this trade play out. If prices break above the previous high, I will update the next potential take profit. Cheers!
Buy Setup On GbpUsd The setup I called in the beginning of the week, is starting to play out. On the lower timeframes, price has broken the significant resistance level and came back to test as support. But on the larger timeframes, we don't want to neglect the clear extreme weekly resistance level that's approaching. If price has a bullish reaction following the recent retest, then potential targets for this pair would be around that extreme level. The stop loss could be placed right underneath the level. Let's see if we could get some bullish movement.
Sell Setup on USDCHFKeeping the bearish bias for the USD in mind, it seems we could be having a sell setup form for UsdChf. On the larger timeframes, price has rejected off of a non-horizontal resistance level and created strong bearish structure towards the downside of the channel.
On the lower timeframes, price has broken some market structure by violating a recent support level. I'll be waiting for price to make a bullish correction movement to retest the level as resistance. The level I have outlined has added significance due to the psychological number it possess. Considering it's a round number like .9000, this adds some validity to the level. Let's see if we could get a pullback and bearish rejection before looking to sell.
Bearish Bias for the USDOLLAR IndexLooking at the US Dollar Index, it seems relatively obvious which bias has been playing out for the past year. Ever since the beginning of coronavirus, the US dollar has been weakening by the week. And there seems to be no reason to think that's going to change anytime soon. On the larger timeframes, we could see clear bearish rejection off of a significant resistance level placed on the daily timeframe. With this bearish impulse taking place, we've created a downtrend channel on the lower timeframes.
Looking on the H4, we have clearly identified both a non-horizontal support and resistance level. We could notice that price is currently headed towards the bottom of the channel. If sellers manage to bring price below the current support level it's sitting at, this pair could have some more bearish movement before we see a correction wave towards the upside. Take home point to apply in the markets, USD strength seems weak.
GBP/USD - Classic B&RCheck this setup out.
We've seen 1.40 respected both as resistance and now support.
A key level in price coinciding with a key psychological whole level can act as a strong turning point in the markets.
Dollar has held firmer this week, but GBP has been strong throughout.
Understanding the NFP EU PumpHere are some questions I put out to my community group the other day followed by the answers. The reasoning being the move has been annotated on the chart.
Why did price slowly decline prior to NFP?
- Price had to decline slightly before NFP to mitigate the impulsive move created earlier in the day.
- Price had to stop out break and re-test buyers with a tight stop loss
- Price had to lure sellers into the market before NFP
Why did price reject the exact box marked before skyrocketing?
- Price skyrocketed because it had gathered enough liquidity from stopping out the buyers.
- It utilised the previous order block to skyrocket to take out the impulsive sellers before NFP.
GBPNZD - Bullish Break and RetestGBPNZD appears to have broken it's recent range along with the downtrend marked above. Price appears to be making a break and retest of the broken range and I expect a continuation back up to the 1.94500 area, a level of noticeable resistance/support as illustrated on the chart.
Let's see if a bullish GBP can push price up to our target area.
Short idea on GU after break of hourly structureYesterdays candle closed as a very promoting SS (shooting star), this was seen after a convincing move higher towards a slight daily level. This SS gives me confidence that price will reverse and go down to the untested level on the daily (5th April). We can see that if price comes back to the level now without a move lower we will have 61.8Fib confluence (very strong confluence). We will also have out 50EMA hovering around that area. We have out stop just above the high of the impulsive move down. Nobig news to come out today on either currency so we don't have to worry about watching out for that.
If we get in I will close out at 4PM as it is Friday and I don't hold over the weekend.
CADJPY: Trade idea.Looking for a BRT (break and retest) here. Watch and wait for bullish price action at the support level. Always enter after confirmations of bullish price action. A bullish engulfer, an evening star, a hammer, a full bodied bullish candle that breaks minor resistance, etc.
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EURUSD: Trade idea....Waiting for EURUSD to pullback and test the most recent high.
Tell me what you think!
BITCOIN BEAR RUN... Looking at the 48 and 24 MA, we notice that price has broken below and most likely will continue the bear trend. Minimum for the next couple of days. I look to take profit at the most recent lower low —looking forward to seeing how this plays out. Cheers!
GBPNZD-4H-Short positionHi folks;
On GBPNZD we can see a reversal pattern like Head and shoulders so after breakdown and retest we can get short on this pair.
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