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DECISIONS-WHERE TO NEXT FOR AUD/CHF? CONTRIBUTIONS APPRECIATED! So I've been quite dovish about publishing ideas as I am new/green to publishing and still growing in the trading arena. I've been watching FOREXCOM:AUDCHF since June and thanks to the education I have been receiving lately, my analysis of this pair has been quite spot on, so I'm so happy I have found such good teachers and I am seeing signs of grasping the knowledge they have been passing on. Education - Get some :). I am essentially short to medium term bullish this pair in light of the new structure highs and higher lows it has established over the last 2 months. However, price action has come to a decision point. Price action has completed the Inverse H & S to measured target (Navy Blue arrows) and has now come into significant resistance at about 7779.5 (21 Feb 2017-Trading View Daily Chart). Despite the positive/neutral outcome of the RBA rate decision and upbeat statement at 5:30 am GMT, price action during today's session has pulled back from the high of the day at 7775.2, which supports in this short time (we still have the rest of the week to go) my expectation that price action may consolidate within the above mentioned resistance level, and resistance turned support at 7719.3 (20 Mar 2017) (red arrows). I anticipate that any deeper retracement/consolidation should be limited to supports at 76222 (17 April 2017)(orange arrows), where confluence has been identified,: - 50% Retracement of Low-7550.8 (20 July 2017), High 7775.2 (1 Aug 2017) = 7623.7, - 23.6% Retracement of Low of Head - 7145.1 (2 Feb 2017), High 7775.2 (1 Aug 2017) = 7626.5 - 227.2% Fib Inversion of Right Shoulder Low-7272.5 (27 Jun 2017), Neckline of Right Shoulder-7428.0 (16 Jun 2017), Back to Right Shoulder = 7625.8 and 7479.4 (most recent structure low) which falls on the rising trend line. With news due out until next week (Friday 11th Aug 2017-Thank you Trading View) that could influence this pair, I anticipate that price action may continue this consolidation phase until then at which time a decision may be made on direction following RBA House Economics Committee Meeting on 11 Aug. As my bias is strongly Bullish, I would be looking for a breakout above resistance at 7779.5 at which point sky's the limit for FOREXCOM:AUDCHF . With no significant resistance in sight, price has the potential to rally to between 8330.2 (13 Jan 2015) and 8430.0 (7 Oct 2014) which are the next identified significant structure levels. I decided to share this because of the success have I had with my analysis on the Inverted Head and Shoulders pattern which I was able to get involved in right from the break out (It was such a dangled carrot, met all the rules, excellent risk reward, high probability, all the stars are aligned opportunity) and watched this pair rally to the measured completion target early Friday morning (was actually doing analysis and back testing when completion happened-so still super chuffed, haven't come down yet). Unfortunately, I preempted the market in the early stages (saw a potential harmonic pattern forming at about the Outside Return/Higher Low) and closed the position early for a 62+ pip win (YAY) but with targets hit, I left 247+ pips on the table (sad face). Lessons learned, don't preempt the market, moving forward :). As such, I would be most grateful for feedback and contributions. I am truly appreciating how lonely this trading game can be and how important education, feedback and community support is to growing success and would really value the community's contributions. Can't let a bit of success go to the head now, so close to the eureka moment. Thanks all (and to my teachers most especially-Muchos Gracias).
by scorpiousg
USDJPY - Will the bulls or bears win this week? We saw a break through the channel formed on the daily chart previously over the past trading week. UJ rallied all the way up to the 112,800 region but faced strong rejection of the weekly resistance zone which stayed firm. I am still very bearish on this pair however with the recovery DXY is making we could see this pair rally all the way up to the monthly trend line (Orange downward trend line) before we see any bearish action. With the high amount of news for these 2 currencies coming up this week a break and close above the weekly resistance could see us test that trend line or it could also be a false break and then drop towards monthly support or even further towards the descending trend line on the Daily chart. Keep an eye out for this on market opening as you do not want to get trapped into a false buy before you see major drops from this pair. I am still fairly new to technical analysis and would love some feedback on my analysis :)
Short
by nazman1068
AUD/JPY PullbackOn my previous post I stated that there could be a downside movement for this pair. However, there was a large amount of upside movement which looked like it was due to noise or news which has been released. As seen yesterday there was some news released for AUD which may have sparked the current increase in buyers. I feel that the noise period is over and a pullback is going to begin. I am going to take a sale position to the next key level. it is evident that once the market moves out of this zone is pulls back significantly quick.
by CMTW
1
USDCAD LONGRetracement occurred in the middle of prices 61.8 and 78.6 There is structure to the Left Cross over on moving averages Candle stick reversal patterns: 15min - inverted hammer and spinning tops 30 min - morning star pattern Original TP is near 1.34326 price/ 100 % level Due to my personal Risk to Reward Ratio: Stop Loss is set at price 1.33721, 50% of my first TP level -First TP will be at price 1.34206 -Second TP will be at the 100% level This trade seems very reliable, despite it not retracing from one of the major levels of focus.
Long
by Martecam