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EURUSD [Daily, Long] False Break/Failure TestMarket has been in a range from the 1.163 level to 1.207 level. Price action towards support at 1.163 is clean. Price took out the previous candle structure low on 7 Nov 2017. There was strong price rejection following this. Sellers who short the break of the support are now trapped, many would sell off their position when price goes to breakeven, fuelling the buying pressure. Entry: Market order of 1.16373 Stop: I placed a more aggressive stop loss just a few wicks below the candle structure, referenced on the 4hr timeframe as that is where my trade would be invalidated. Also to trade with a larger position to fulfil a 1:2 risk reward ratio. TP: 1.19 as I foresee price rejection at this region due to resistance.
Long
by TanYuFeng
Was the falling wedge's bullish breakout one big long fakeout?Never have I seen a fakeout occur of this nature where so many candles(14!)close above the rising wedge as well as a surge of bull volume to go with the initial breakout and on top of the breaking above the neckline of an inverted head and shoulders pattern at the same time and closing 5 candles above it as well only to have the price somehow eventually crash back inside the rising wedge and try to threaten to break the bigger normal head and shoulders neckline again. These are instances for which TA typically doesn't help they occur an incredibly small percentage of the time but there were 2 TA indicators that were signaling a further drop and that was the cross of the 1day t line under the 1 day 50MA and also the fact that we have formed a lower high on the 4hr chart. I didn't expect 2 bullish breakouts to turnout to be duds though so it's very surprising. Now we are threatening to hit the bottom of the rising wedge and the bigger head and shoulders pattern again with the price action but there is good news. There's a chance we could trigger a standard double bottom pattern with the price we hit on the 18th and shoot right back up. The 1 day chart's RSI is showing that we have reached the oversold zone which gives the beige horizontal trendline indicating where a double bottom would be a lot of credibility as a great bounce support line around $7920. There's also a chance that the original top trendline of the wedge is much higher and we haven't actually broken out of it yet, which is possible concerning this odd fakeout but not enough touches of that higher top trendline yet to change the current wedge lines if we get one more though the top trendline will be raised...If we were to trigger the bigger normal head and shoulder pattern here then that would be quite bad news indeed for it would drop us to around a new drop target of 6300s if it were to occur...I still have faith in the upside for now but will be exiting again if I see a break of the head and shoulders pattern occur. You make your own decisions of course as this is not financial advice. Neutral for now.
BITFINEX:BTCUSD
by DrDovetail
Price action finally breaks channel wall but cant stay above it.It was exciting to have a 4hr candle both break above the channel wall and close above it However we always need a follow up confirmation candle to close above the resistance line as well for a confirmed breakout and as you can see that didn't happen. after 2 red candles closed It was obvious that this breakout has become at least temporarily just another false breakout. The good news is now that we've put a serious candle wick past the channel wall...the enxt time we test it it will be far easier to stay above. Temporary short at this time is the most favorable outcome...but you do you this is only what I would do and not financial advice. As always. You do you.
BITFINEX:BTCUSDShort
by DrDovetail
EURJPY Buy IdeaH4 - Price is moving inside a range. Currently the price is at the bottom of this range and we can look for buys as long as the range holds. Two possible ways to enter this trade: Conservative (H1) - Enter after breakout of the trendline. Aggressive (H1)- Enter once a bullish candle pattern forms after the divergence completes itself, which will also complete a false break of the alternative trendline. Protection below last low to be created. Targets 1- Risk Reward 1:2 Final target - Top of the H4 range.
Short
by VladimirRibakov
NZDCAD SHORT ON D1 30-03-2016POSSIBLE SHORT ON THE DAILY TIMEFRAME WITH THE NZDCAD PAIR, THE PAIR HAS REACHED A PREVIOUS SUPPORT AND RESISTANCE LEVEL THAT NOW IS ACTING AS RESISTANCE, THIS MIGHT CREATE A MOVE TO THE DOWNSIDE REACHING THE B POINT OF A POSSIBLE ABCD PATTERN AT 0.8750 OR THE D LEVEL AT THE 0.8400 PRICE LINE. IF YOU ARE INTERESTED IN MORE SETUPS OR A FREE ONE-ONE MENTORING, WRITE ME A MESSAGE TO TOMMYJOSE92@GMAIL.COM AND I WILL BE WILLING TO HELP YOU. GOD BLESS YOU ALL.
Short
by tommyjose92