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Forexpositive

NZDJPY Bearish ScenarioSCENARIO #2 IF BEARISH NZDJPY As a trader, we have to anticipate and play both sides. We have to consider alternative scenarios. Instead of a bullish scenario, we are thinking of the bearish scenario. What if 85.50-70 fails to hold as support? In this case, we would short when 2 conditions are fulfilled. A) 85.50-70 support is broken downwards decisively B) Wait for rally pullback to 85.50-70 to enter short Short NZDJPY 85.50-70 SL above 86.20 TP final 81.40-50 ===== www.ForexPositive.com Twitter @ForexPositive =====
Short
by Forex_Positive
EURJPY battling it out for right shoulderClearly defined support/resistance zone in EURJPY around 136.00 level. 136.00 has held as either support or resistance since May 2014. There is also another interesting chart pattern developing. And it is the inverted head & shoulders formation. Right now, EURJPY is trying to form the right shoulder. Sometimes, right shoulders take a long time to form. Because the market is battling it out. Bulls would want to make the right shoulder form. Bears would try to push EURJPY down below 135.70 to negate the inverted H&S pattern. Lets see who shall win. In the meantime, go with the bulls to anticipate the formation of the right shoulder. Enter a long position at 136.00. This is the 88.6% FIB retracement. Long EURJPY 136.00-10 SL 135.50 TP1 138.00 TP2 139.00 ===== www,ForexPositive.com Twitter @ForexPositive =====
Long
by Forex_Positive
GBPCAD testing multiple FIB levelsGBPCAD consolidating within 1.7960-1.8660 since Feb 2014. It has bounce up from almost all FIB retracement levels, 38.2% 50% 61.8% 70.7% 78.6%. The only remaining FIB level not tested yet is the 88.6%. Based on the evidence of price action, i think GBPCAD should bounce up from 88.6%. Enter long around 1.8040, the 88.6% FIB retracement level. Long GBPCAD 1.8030-40 SL 50pips TP1 100pips TP2 200pips ================ www.ForexPositive.com Twitter @ForexPositive =================
Long
by Forex_Positive
EURUSD long at technical supportOn the fundamental side. EURUSD has come a long way down from 1.4000. Ever since ECB announced negative deposit rates, cut interest rates and a whole host of monetary policies. With easy monetary policies for Euro for the next few years, the fundamental economic factors are bearish EURUSD. On the technical side, there is a technical support level around 1.3300. Though fundamentals are bearish, i think there may be a strong bounce up from 1.3300 support zone. Those who are short EURUSD from higher levels, would probably take profit about 1.3300. Also 1.3300 is the 141.4% FIB extension of the prior downtrend wave. Hence going long around 1.3300 seems like a plausible trade. Long EURUSD 1.3290-1.3300 SL 1.3250 TP 1.3500 ===== www.ForexPositive.com Twitter @ForexPositive =====
Long
by Forex_Positive
2
USDJPY Scenario #2 if bearish USDJPYScenario #2 (if bearish USDJPY) If the pivotal support/resistance at 100.60-80 fails to hold, and USDJPY makes a clean and decisive break below this level, there could be lots of stops from long positions to be triggered in the red circle. With the next significant support 300pips away at 97.00, market could attempt to go for the short side. In this case, short USDJPY when USDJPY retraces to 100.60-80. Short USDJPY 100.60-80 SL 101.50 TP 97.00 ===== www.ForexPositive.com Twitter @ForexPositive =====
Short
by Forex_Positive
Bullish ascending triangle in GBPJPYBullish continuation pattern in GBPJPY The ascending triangle pattern is a bullish continuation pattern in GBPJPY. There are 2 ways to trade this pattern. 1) Aggressive method (Long GBPJPY on breakout) Place a buy stop order on breakout above 173.50 SL 173.00 TP 175.00 2) Conservative method (wait for retracement) After GBPJPY breakout decisively above 173.50, wait for any pullback to 173.50. Place a buy limit order 173.50 SL 173.00 TP 175.00
Long
by Forex_Positive