$ETH - Be Wary - One Final "Drop" May Happen Before the Big PushI'm Bullish on Ethereum all the way. Now yesterday I made a call and so far we're still in profit from that call. However, there was a drop in the middle of the night (London session) That made me take a step back and look at it from another perspective. One thing I do is I usually don't measure wicks on the fib for entries to trades. However, this could be a different scenario to where that may play out. Why? Because there are equal lows right around 1152 that happened on January 15-16 GMT .
Just below that is a Bullish Order Block. I jumped into the 5 min Chart to find this one. It's in the red Elipse just below the Liquidity/Support Level.
Which is also right at the 70.5% of the retracement from that deep low to the current high.
Also if you look at It from a 4HR view, There are no bearish 4 hr candles, possibly suggesting this is the overall correct fib.
Keep in mind there has been a break of structure that happened yesterday which is suggesting that the price will most likely be going higher. This of course will be nullified if the price breaks and stays below a significant low. But instead, I think we may see something like this to where it get's close but it will just wipe out the liquidity resting near that 1152 level and hit somewhere between 1133 and 1142 before it bounces back up and we see a new high again.
I pulled from another exchange for these prices and the equal low/liquidity level ended up being the same (1152), the Bullish order block ended up being the same (1133 - 1142) But the biggest difference was the spike down where we would draw the fib low or 100% level. The one in the examples low is 1072. The low in the Coinbase level was 1065. But of a difference there, which is why I said I don't like using wicks to measure these things. So just be wry of those price levels and don't be so worried about the Fibonacci entry.
Good Luck and Happy Trading
Breakofstructure
AUDCAD - 4H is finally making a move for a possible LL.4H - its been a week that ACAD is looking to form LH and we are at major zone where it could reject the heavy volume of buyer. Our first sign of sellers is on 15m.
15m-Double top + Breakout of the trendline + Break of structure making a LL. Right now waiting for the LL to LH move and take a short.
Follow us for more ideas and setups.
Sam
Determine Trend Reversal Using RSI Indicator With Price Action1. Price created lower low and RSI higher low (tight divergence - oversold).
2. Reversed on demand zone with candlestick pattern.
3. Broke down trend structure with retest as confirmation.
4. Price went above 200 EMA and used it as support.
USD/CAD LONG Looking for a intraday/swing to the projection of 134.800. It is NFP week so markets tend to bounce however it wants to bounce. We haven't broken structure to the change the sentiment of the overall trend as of yet so this would be my counter. Project lines up with a QP and resistance area on the daily chart.
USD/JPY - Are the Bulls Back?Today was a significant day for the USD/JPY pair as we finally broke out of the 12-day period of consolidation. It is noteworthy that the consolidation phase was very tight giving us a 30-40 pip trading range for the whole period except some attempts to push upwards and downwards. While this period wasn't the best for trading as the price action was choppy and indecisive, that apparently formed us a descending trend-channel.
The macroeconomic data out of the US has recently shown that the economy is currently performing well better than its major counterpart European. That has been clearly seen in the top currency pairs in the past few days. So given the current USD strength, the area around the 112.846 level seems to be the next target for bulls. Although, the Yen might soon become more favorable if the Bank of Japan keeps its monetary policy unchanged.
The reasons for the continuation of the uptrend:
1. break of round nr - 112.000
2. the continuation of the smaller uptrend from 25th of March on the 1D timeframe (a continuation of higher highs and higher lows)
3. the price is above the 50, 100 and 200 EMA on the 1D timeframe
4. break of the 0.618 Fibonacci level
There will be important macroeconomic data out of the US and Japan on Thursday and Friday so you should keep an eye on that as well. There remains a slight bearish case to the downside.
This is my first post so let me know what do think of it.
Cheers
USDJPY - Is The Dollar In Trouble ? After seeing a series of higher highs and higher lows in a corrective ascending channel, we've now seen a lower high made which could potentially break structure. This was also the 3rd touch off the descending trend line around the 78.6% Fibonacci level. We then saw a break & retest of the ascending channel off the 61.8% Fibonacci level giving us the perfect entry for a sell.
I have an entry and will be looking for more retracements to enter on this pair. News may also play a role as we have the FOMC Press Conference, announcing economic projections and Federal Funds Rate, as well as the first quarterly GDP statistics. These are volatile news events so take note of the date and time. There is also plenty more data coming out for the USD so I believe we can see the Japanese Yen being treated as a safe haven.
As always, trade with risk management and have a great trading week !
Instagram: keownarcher
AudJpy Short IdeaFairly simple setup. Fully reversed bullish trend breaking past former higher lows. Pullback to 61.8% in alignment with psychological number 79.00. I suspect this correction is over and the 61.8% fib a valid level to take our shorts. Tp1 @ 76.80 Tp2@ monthly support in alignment with -0.61% fib extension at 76.00. Lets go.
NZDUSD Ready for Bearish MomentumBased on timeframe analysis, this a intraday short trade centered around :
Break of Structure on the H4, H1 and M15
Test of a strong daily resistance level
Bearish engulfing candlesticks showing a change in trend momentum
Retest of the break of structure before continuation of new trend
I also showed my projected stop loss and take profit areas. Be sure to use proper money management when trading, its the most important part.
Happy Trading.
- Delroy