Highertimeframeconfluence
USDCHF BUY IDEA TOMORROWHIGHER TIMEFRAME BIAS
PRICE ACTION
REJECTION ON 4H/8H OF THE SUPPORT LEVEL.
PRICE MADE A NEW HIGH OVER THE PREVIOUS LOW.
COMMENT WHAT YOU THINK :)
USDCHF: Longs to .98000?Daily Time Frame: Starting on the higher time frames we can see that price is testing .96000 key psychological support for the second time, creating a double bottom formation. Now that price is testing this area we have to wait for a break or bounce situation in confluence with reversal signals.
4Hr Time Frame: Scaling down we can gain a more refined perspective of price. On the 4Hr it looks like price is ranging between .96000-.98000 key psychological zones. If price manages to hold above .96000 key support than we can look to buy this back up to .98000. However, if price violates this zone and closes below, look for potential shorts down to .95000 key zone. Due to the uncertainty of market fluidity, risk management is highly. recommended.
NZDCHF: Testing Previous Swing Highs!4Hr Time Frame: Price is back at strong areas of resistance. By reading price action we can see that price tested this area in the past, showed signs of rejection and had a reaction to the downside. Reading structure price looks as if its ranging in between our support and resistance zones above (gray boxes). If price manages to hold below this strong area of .58500 key psychological resistance, then we can look to sell this pair down to .58100 (first target). However, if price shows signs of bullish strength and manages to break through this resistance zone then we can potentially see .59500. Due to uncertainty of market fluidity, risk management is highly recommended.
USDCAD: TO 1.45000!USDCAD: broke below 1.39750 key psychological and snapped back above support (fake out). Price managed to close off a strong daily candlestick which engulfed six days of daily price action (notice the size of the daily engulfing).
Scaling down to the 4hr time frame we can see price ranging between 1.39500-1.45000. Also notice how price broke above this down trend and is on the way to retest support, the trendline, 61.8% fib retracement, and 1.39750 quarterly psychological zone. If price shows any signs of rejection or manages to maintain above this zone, then look to buy USDCAD to 1.45000 key psychological zone. However, if we violate this zone then we must reevaluate price action. Due to uncertainty of market fluidity, risk management is highly recommended.
USDJPY: Longs To 109.000!Daily Time Frame: We can see price creating a double bottom formation at 107.000 key psychological support. Also notice on the second bounce how price created a morning star reversal formation.
Scaling down to the 4hr time frame, we can see that this market has been ranging between 107.000-109.000 key psychological. If price comes down one more time to 107.000 support and show some signs of rejection, then we can look to buy this up to 109.000 resistance. However, if price violates this support and close below, we must reevaluate price action. Due to uncertainty of market fluidity, risk management is highly recommended.
EURGBP Are Bulls Back?Daily on the left and 8hr on the right. EURGBP setting itself up, should be interesting to see how this plays out. Price broke above and is now testing a strong area of support/resistance. On the daily we can see how we managed to close off a double bottom formation with 2 pinbar rejection candles, showing signs of potential reversal to the upside. By scaling down further to the 12, 8, & 4hr we continue to see multiple pinbar rejection candlesticks, telling us that buyers are protecting this zone. Let’s not forget that we are testing .87500 a key psychological level and also 61.8% fib zone. Scaling down to the lower time frames (15 min) we will see an inverted head and shoulders formation. So much more confluence on this pair it will be hard to fit but our buy limit is set with a 30 pip stop loss, so let’s see what happens.
AUDJPY TO 70.000Daily on the left creating a series of higher highs and higher lows. Price also crossed above our 21 ma and is looking bullish by the daily closures. Also notice how price managed to break out of consolidation 67.500. If price comes back to retest this area as new support look to buy to 70.000-500 key psychological. If price violates this 67.500 zone, we can potentially see price come down to 64.250. Personally, bullish until then.
USDCAD Break or Bounce?USDCAD: Another juicy pair setting itself up for the week. Breaking it down we can see how the daily is creating a double bottom formation at 1.39500 key psychological support. Reading the candlesticks notice how we start to slow down as we approach this area. Though we do not have any indication to get in just yet, we might have to hold off for more daily closures to confirm. Though scaling down to the 4hr notice how we are creating Ws on Ws or double bottoms on double bottoms. If price manages to sustain and hold above this area look for longs to 1.42250 key psych also the top of this short-term ranging market.
BTCUSD to 3400!BTCUSD: Testing strong areas of resistance, once tested as previous support. By reading the weekly candles, we can see how confident bears are looking compared to bulls. Reading the current weekly candle (higher the time frame, the higher the probability price will play in your favor.) notice how strong the rejection is (size of wick) if price stays below 7100.00 then look to sell this down to 3400.00.
4Hr: Notice how price violated this up trend and is potentially setting up with a head and shoulders reversal formation. Would like to get an entry at the right shoulder, in confluence with previous areas of resistance and the 21-moving average. With this entry we can look to decrease the stop loss, to cover precious swing highs. Looking to secure partials at 5600.00 target1, then 4860.00 target2, lastly 3400.00 final target. If price does not maintain below this resistance by Sunday, then we must reevaluate price action.
Calm before calamity We saw a huge push up in stocks and indices on Friday after Trump gave a speech. This would have caught people who were selling at lows out, however this was the corrective move that was in indices in order to collect more orders for the final push down on US30.
I see price moving into the 24500(61.8% fib, structural resistance as well as the weekly TL retest) handle where I'll be looking for confirmation to short the Dow John's into 18500. This is the 27% fib extension as well as the 78.6% retracement on the weekly/monthly timeframes.
This is a multiple TF analysis given within one 4H TF.
