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Longidea

GBPCAD LONG IDEA-The 1W chart shows a re-test of the support TL on this triangle pattern. This shows that there is a lot of selling pressure and bears are in control. If you look at price in the circled area, you can see that as price increases, the retracements are strong/deep; showing that if price were to continue higher, the bears will come back and drive price back down again: -The 1D chart is what you're seeing right now. The exchange rate continues to close above the 61.8% zone on the Fibonacci, which would form the assumption that price is likely to rise to around 1.66920 on the C-D wave of the Harmonic pattern before turning to go south. Numerous tests of the support TL further support an increase in GBPCAD. Now as, this is a bearish harmonic pattern we would be looking to short as we reach that 1.66920 area. This is inline with my thoughts on the weekly timeframe, (retracements are deep and therefore bulls will be stopped as we find resistance). Please feel free to comment, tell me your thoughts and what you think!
Long
by UnknownUnicorn2215917
4
GBP/JPY Analysis for Week 23: StructureDISCLAIMER: Hi everyone, this is just a log book for me on applying everything that I have learned and continue to learn as I go along. That being said, I do not advise you to base your trading on these "ideas". Alright so on my last analisys for this pair I saw the bounce and the end of the that downtrend. So lets see how high this pair will go. Monthly: Ok so on the monthly we see the price heading towards a resistance area around 148.057, which as we see was also, previous support for a while back in June, July and August of 2013. Now lets take a closer look cause things get really interesting on the weekly chart. Weekly: This is what text book charts come from! The price action and structure on this pair is just way to beautiful. There an ascending triangle here. Resistance areas beign tested perfectly. Tendline forming very beautifully. Now since this has followed structure so beautiflly, I think we can expect the third tap on the resistance area. The question is will it break it, or will it continue a downtrend. We will have to be patient foer that. Daily: Ok on the daily we can draw some more support and resistance levels although not many. But there is a resistance level around 145.105 levels as you can see highlighted in the rectangles. and that was tested on Friday's traiding day. 4hr: Alright now on the 4hr we see what the price did a little bit better. So it broke that 145.105 Resistance and turned it to support. But it seems to have formed a double top. with Resistence at 146.559, and closed below. What usually happens with a double top? It drops. So where can we expect this to drop to? Probably that resistance-turned-support line at 146.559. We also know that it needs to drop to come and test the MA. Analysis: Option One: So because of that double top we can expect the price to drop some and maybe continue the trend. But where would it drop to? The pivot point and bounce. If it breaks pivot point next target is previous support. Remember to be patient and look for good entries.
Long
by EdwardFabianRamirez
EUR/USD Weekly Analisys for Week 20DISCLAIMER: Hi everyone, this is just a log book for me on applying everything that I have learned and continue to learn as I go along. That being said, I do not advise you to base your trading on these "ideas". Alright guys so this past week I noticed a lot of volatility in this pair. Looked at my financial calendar and there wasn't much to move it the way it did. So as far as that goes, I am completely clueless of why there was so much up and down going on. Either way, lets see whats up with this pair and how we can profit this week. Daily: Alright so clearly we have a bullish trend here. There is some clear support and resistance at 1.08509, but that isnt our problem now. Instead this week we seem to have hit some resistance at the 1.12794 levels, which seems to be from September of last year. So we want to see if it will test, break or reject. 4hr: On the 4hr we can see more clearly the price touching the trendline. Support area showing up around the 1.11066 that was touched on May 30th. We also have a clear support line at 1.11610 levels that were rejected until the end of the week. 1hr: Ok so here is where we can clearly see some high volatility that happened this past week, specifically on Wednesday and Thursday. But there seems to be a small downtrend forming here. That went close to that 1.11610 level from before. Analysis: Option 1 - Ok so we ended the week on a bit of a downtrend. So one of the things the price could do is break that 1.11610 level and hit the previous support at 1.11066, come back and retest the trendline and reject it. Option 2 - If the price continues the current bullish sentiment, we will see it make an ascending triangle until it breaks that resistance level at the 1.12794 levels. I like this option better, therefore my strategy will be Long this week on this pair. There are no important news coming so lets hope there wont be as much volatility out there this week.
Long
by EdwardFabianRamirez