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Candlestick analysis

EURAUD (L) THOUGHTSEURAUD at this point isn't presenting any clean set ups that fit my strategies, but here is how I'm reading the PA Monthly: Rejecting support at 1.6100 Weekly: Not clean PA, price as been simply falling for about 2.5 months. Daily: Very messy price action. Overall, price is sitting at a support level of 1.6250 Intradays: Price is in a bit f a triangle for half a month, many traders trying to go long on this pair probably have their stops bellow 1.624 intraday support. Price is currently sitting around these lows, but atm there are no signs that price is ready to move back up. I favour a move to the upside on EA, but first we could see the intraday lows taken out bellow 1.624. Let's wait and see what happens. What are your thoughts? Comment bellow. ___________________________________ ** DISCLAIMER* The content on this analysis is subject to change at any time without notice and is provided for the sole purpose of assisting individuals to make independent trading decisions. Trading can be risky, make sure to use proper risk management!! The analysis given out reflects my personal ideas and does not mean I personally take the trade, my preferred entry may never actually present itself. ___________________________________
Long
by jakubprymicz
NZDUSD (S) Waiting for setup - Directional IdeaThis pair has very nice higher time frames. Looking to take this short, technical line up, additional confluence is my DXY bias, posted earlier today. There is no setup here yet that fits my strategy, still waiting for development at this point. Monthly and weekly chart show price rejected strong downward sloping trendline and also retesting previous support as resistance at 0.6500 The daily is still in a range, today we're back at the top of the range On the LTF, we can see price decelerating at the previous 4 hr highs. The 1 hr chart is also being held by the steep upward sloping trendline. As for targets, atm I'd be looking at targeting the daily 50 ema, then possibly with bearish momentum, push lower to fib ext. levels. Will provide further updates as this pair plays out. For now I favour a short bias from the levels mentioned above. ___________________________________ ** DISCLAIMER* The content on this analysis is subject to change at any time without notice and is provided for the sole purpose of assisting individuals to make independent trading decisions. Trading can be risky, make sure to use proper risk management!! The analysis given out reflects my personal ideas and does not mean I personally take the trade, my preferred entry may never actually present itself. ___________________________________
Short
by jakubprymicz
1
AUDJPY (S) Potential Future Trade IdeaAUDJPY has pulled back to where we started off the year, rejecting 76.00 as resistance once again. The weekly PA shows us at the break above the 50 ema, and we've currently pulled back to it, and finding support at the ema. On the daily PA is finding resistance at 74.40 which is a strong Support/ Resistance area, and yesterday we formed a nice daily hammer candle. If PA presents an entry which fits my strategies, then I'll be using the HTF to manage my trade, if I get into it. On the LTF, PA is still fairly messy, but we're trading below the previous high of 75.00 WE can possibly see price pull back up into that region, reject it and then fall. I'll be paying attention to the trendline on the 1 hr chart to see if we can get a strong break and retest of those levels. ___________________________________ ** DISCLAIMER* The content on this analysis is subject to change at any time without notice and is provided for the sole purpose of assisting individuals to make independent trading decisions. Trading can be risky, make sure to use proper risk management!! The analysis given out reflects my personal ideas and does not mean I personally take the trade, my preferred entry may never actually present itself. ___________________________________
Short
by jakubprymicz
2
GBPAUD (L) - PULLBACK TIME? This is a pair I have been waiting on for a very long time, has the time finally come for it to pullback? Looking across many currency pairs, it looks like the GBP may be strengthening over the next little bit, while the AUD is sitting at areas it could drop from. Monthly on GBPAUD closed as a strong bearish candle Weekly is sitting at the next support level of 1.7900 and upward sloping trendline Daily: Provided a lost test candle at 1.7900 two days ago. 4 hr: Has finally broken out of a wedge and trendline, which was acting as dynamic resistance for 2 months (since May 2,2020) 1 hr: Price is currently stalling/ rejecting intraday level of 1.805. Will be waiting for see what PriceAction looks like when we pullback to 1.8000 (.5 fib retracement) Will be looking at targeting 1.8500 / daily 50 ema / .382 fib. And potentially higher, depending if the weekly shows potential we can keep moving up. ___________________________________ ** DISCLAIMER* The content on this analysis is subject to change at any time without notice and is provided for the sole purpose of assisting individuals to make independent trading decisions. Trading can be risky, make sure to use proper risk management!! The analysis given out reflects my personal ideas and does not mean I personally take the trade, my preferred entry may never actually present itself. ___________________________________
Long
by jakubprymicz
1
EURUSD (S) DIRECTIONAL THOUGHTSNot a trade that fits my strategy, just my opinion on how I see EURUSD potentially playing out in the near future. Weekly : We are rejecting a zone I drew in 5 weeks ago, and we seem to be breaking out of it to the downside. Daily: isn't very clear, but the way I'm reading it is we're finding resistance at the botton of the zone at 1.300 4 Hr chart giving a 3rd rejection of trendline and next lower high. Technicals showing a continued move to the downside. Additional confluence is with my DXY bias which you can find posted earlier. I favour price now moving to 1.11700 and then potentially median term to weekly 50 ema + zone of 1.1000 - 1.1100
Short
by jakubprymicz
1
AUDCAD (S) Trade Idea Brewing - 0.942 resistanceAUDCAD has been moving in a range for almost a month now. With 0.9420 holding as strong resistance! Price has failed to close above this level every time is attempts to. June has closed as a monthly candle rejecting the 50 ema and 0.942. Weekly candles don't look very clear and the Daily is clearly ranging. We need to understand traders have been trying to short this pair for almost a month now. Where are most stoplosses placed in that case? Probably anywhere between 0.9420 and the highs of 0.9445 The 4 hrs chart is once again sitting at the highs of 0.9420 and just closed as a doji candle. (decelerated/ reversal candle stick) Having mentioned where stop losses are most likely placed, I wouldn't be looking into jumping into this pair just yet. There is a possibility we can still have a manipulative spike to the upside, take out stoplosses placed above, and then have price tumble down. Another option is we could have a news announcement move price to the downside, without eliminating stops above 0.942, instead using the news as momentum to the downside. When looking at other AUD pairs, technicals show that we could be seeing AUD weakness in the near future. The next step will be to see which pair presents the cleanest setup, and filter them out in order to execute.
Short
by jakubprymicz
1
DXY - ThoughtsWith NFP news coming out in about 2 hrs, it'll be interesting where/if the news takes the DXY. My personal bias is to the long side. From technicals on the chart we can see: Weekly: We're sitting at major support of 96.50 with multiple rejections of this area. Daily: Price is clearly forming higher lows and if we get a bullish push today, we'll have a confirmed 3rd higher low. Which I think could take us to 98.30 and potentially higher. For now I'm not looking too far long term, but if do get the bullish push on DXY, then I'll be looking to play the strong dollar against the AUD/CAD/EUR/GBP On the intrdays we can see what could be forming in the next 20 minutes a low test, rejecting the upward slopping trendline for the 3rd time & .168 fib. A possibility is still that around NFP news, we could even see another spike to the downside, reject the trendline again (maybe tweezer bottoms) and then the push to the upside. Remember to always trade what you see, not what you think. Wait for confirmation candles, don't gamble!
TVC:DXYLong
by jakubprymicz
3
USDCAD -Bullish Flag PatternWoooo. Finally a break and close above the resistance and this confirms a bullish flag trading opportunity. The Bullish Bat pattern was spotted on the Daily Chart as early as 8 Jun 2020, patience is required when you are trading on a higher timeframe. When we are new in trading, often not we engage 1 trade and look for the next product to trade, in fact by focusing on the winning trade it is important. There are Pros and Cons to it(like any other strategy) Pros: 1. It keeps your focus to 1 pair, the grand trade 2. Engaging the next trading setup trading on the same direction as the first trade you engaged may put your new trade to be at low risk or no risk trading setup as your downside has been covered by the initial trade. Cons: 1. If market reverse after you had engaged your new trade it can wipe out your profits and you aren't in any other positions.
Long
by RaynLim
2