Breakandretest
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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GBPJPY SHORTSGBPJPY has broke its counter trend and has also broke out a S/R lvl @ 150.318 i am simply looking for a retest of the underside of this lvl and if price action looks clear ( hammer candles, shooting starts , engulfings etc) i will be looking to short this into recent lows aiming for 149.386
confluences for this trade
1. trend break with acceptance below
2. 0.618 fib sitting on our lvl of structure
3. atr for today is also in the zone we are looking to short
this is not a limit order i will be waiting for price action.
gbpusd bullish impulseThe trend is quite extended.
Im going to apply strict risk management on this idea. SL to Break even after a 1:1 ratio has been attained.
Executing the trade upon evidence of a reversal candlestick pattern from the demand levels.
EURJPY longs after price action I am currently watching eurjpy for longs around 129.812 you can see we have broke up and out of a lvl of structure and had acceptance above and are currently coming back for a retest , we have 0.618 fib confluence on this lvl as added confluence
I will need to see clear price action on this lvl to take a position however its an area to watch
Trades for today: EURUSD, EURGBP & USDCHFApologies for not posting prior to entry but as I've had a couple of bad EU trades posted, I didn't want to distract in case the price action didn't go as expected.
EU: Finally got my short for EU. I entered last night and nearly stopped out. And then scaled in before going to sleep. Looking to scale in again after a clear break and retest of 1.2 level.
USDCHF: Expecting a correction on this pair. As the price was accumulating nearing the trendline, I was expecting a counter trend trade. I took a high-risk entry prior to the breakout.
EURGBP: After multiple breaks of structure, I entered a short following the consolidation.
All trades are trending in the right direction. And expecting continuation as DXY is finally showing strength. Expecting DXY to break the trendline and continue up. Watching cautiously as it is approaching.
I was also looking at AUDUSD & NZDUSD for shorts but as both currencies are quite strong against the dollar, decided to pass on them. Luckily I didn't enter as both of those pairs have gone up even with the DXY strength.
Let me know your thoughts.
Trade Safe!
HEET
EURJPY Ranging EURJPY has been in a range for a 20 days... is it ready to BREAK OUT?!
Let me know what you look for/do when price is ranging!
GBPUSD Currently Coming Down To Previous Support LevelPrice broke support. Looking for it to come back down and retest before continuing back up to next resistance level
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GBPJPY Finally Ready to Come Down !Price is already starting to break and retest major ascending trend line looking for a nice break and retest of the major support level before going short
Major Reminder to Practice Proper Risk Management Risking Only 1-3% Per Trade !
I provide daily detailed analysis and trading setup.
More info: Click link in bio
Time for EURUSD To Come Down !Price has been bullish for a couple weeks now finally coming back down to a strong support level. Will be looking for a simple break and retest to form before entering a short.
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$BTC/USDT 8h (Binance Futures) Ascending triangle break & retestBitcoin has broken bullish and is pulling back, let's enter on next dip, aiming for new ATH.
Current Price= 60299.13
Buy Entry = 59420.50 - 58192.50
Take Profit= 63511.55 | 67895.95 | 72260.22
Stop Loss= 55198.57
Risk/Reward= 1:1.3 | 1:2.52 | 1:3.73
Expected Profit= +24.00% | +46.35% | +68.64%
Possible Loss= -18.42%
Fib. Retracement= 0.786 | 1.414 | 2
Margin Leverage= 3x
Estimated Gain-time= 1 month
$RVN/BTC 8h (Binance Spot) Falling wedge breakout and retestRavencoin broke bullish and looks ready for continuation upwards after that pull-back.
Current Price= 0.00000335
Buy Entry= 0.00000334 - 0.00000310
Take Profit= 0.00000394 | 0.00000447 | 0.00000259
Stop Loss= 0.00000274
Risk/Reward= 1:1.5 | 1:3.06 | 1:5.73
Expected Profit= +22.36% | +45.65% | +85.40%
Possible Loss= -14.91%
Fib. Retracement= 0.5 | 0.786 | 1.272
Margin Leverage= 1x
Estimated Gain-time= 1 month
EURUSD could start its descent from hereFor the last week, I've been anticipating a drop in EU, and now, it finally looks like the bulls are starting to lose strength. The resistance zone has been retested multiple times since yesterday and failed to break above. I am expecting one more push down completing the H&S before the next wave up.
As of now, the price hasn't even started to break any important levels and that is why this idea is for preparation in case it does. Another spike up in the equity markets could push DXY down triggering EU to break above the resistance zone.
Support for this idea:
Minor order block looks like it might break any moment. (Bigger order block structure has to break below 1.195)
Break of minor trendline support
LTF trendline support is not far below
Looking for the H&S structure to complete before the next wave up
Start to look for price action to push EU down and look for safer entries or scaling in, with a break below the bigger order block and LTF bullish structure around 1.95 & retest around 1.96.
Just a note, I already entered this trade with a high-risk entry at 1.199. If it breaks below 1.95, I will be looking for scaling in entries.
Invalidation for this idea would be a break above 1.2.
Let me know your thoughts.
Trade Safe!
HEET
NZDCAD possible shortsMarket structure was broken to the downside, Nzd/Cad is now creating lower lows and lower highs. Price is retracing to one of our key Fibonacci levels, which is also the previous broken low of structure. After the bears show strength in the lower time frames (1H, 4H), we can look for sells to create a possible new lower low. If the bulls show strength in the lower time frames no trade will be executed.
EUR/GBPBreak and retest on the daily chart. Stop-loss 1.5 X the daily ATR. Take profit at a 1:2 RRR. Markets are slow so this might take some time to develop,
