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Forexswingtrading

BULLISH on NZDCADEntry: .8607 SL: .8575 TP: OPEN (Will be trailing SL) Technicals: Strong Uptrend on the DAILY chart and WEEKLY. Going down to the 4H TF, we see a bounce off major support which is also on the 21 EMA. Fundamentals: Scoring high on the COT data. Retail sentiment showing strong bias to the short side. Retail traders are 70% short. As mentioned previously, often time when retail traders favor one side by over 60%, statistically the pair will move the opposite side.
Long
by ErnieTrades_
LONG on GBPUSD For a Swing trade.Looking to go LONG on GBPUSD. In recent times, we have seen the dollar weaken. Looking at the DXY, I see some room for further drop. It is approaching a key level of support at around the 101.5 price when looking at the weekly and monthly chart. This week there is a high impact news for GP releasing their CPI numbers, but it is my sentiment that the market has already priced that in. With this being said, looking at GU, we have seen a nice run-up looking at the weekly and monthly chart. Preferred Entry: 1.2200 Potential TPs: 1.2450 (3.5R) This is based on psychological number and the 4H previous resistance. Runner TP: 1.3145 SL: 1.2120 (80 pip SL. This would be right by the 50 EMA. IF you want to give yourself more room, I suggest 1.2050 which would be at the 200 EMA)
Long
by ErnieTrades_