Short term bullish activity but short positions still favorableSince the end of January this pair has sold off aggressively. Short term we are seeing an increased activity by the bulls but as long as the 1.35000 handle has not been taken out I'm in favor of the bears. We are closing in on the resistance area between 1.33900 -1.35000 which should provide us with a good area to take a short position in order to join the long term bearish trend with a 3R potential if price makes it all the way down to 1.30000 again.
Majorstructure
Fib inversion setup at a major weekly structure levelWith the gbp/usd breaking a major structure (support) level earlier today. it is now rallying back up to the 1.42266 structure level that has Fibonacci 1.618 inversion confluence. if this trade fits into your plan, it is an excellent opportunity with a ton of potential reward for not much risk.
Breaking Down the SPX500 Daily Using Price ActionRight now I'm Still Neutral on SPX500. This could all change IF we break & close below the Major Support level on the Daily time frame. IF, we break & close below that level, THEN, I would expect Price to run back down to Previous Lows (Green Dashed lines on Chart) @ around 1880's level.
So far in this Uptrend we have started making a series of Higher Lows which should be a Red Flag for this "Uptrend" on the Daily Time Frame. All the Lower Time Frames have been in a Bear Trend all month and the Daily Time Frame is what I'm waiting for before we can safely say that this Market is truly Bearish. This will come with a break & close below the Major Support Level.
This is just an observation on what I'm seeing on the Daily Chart. This isn't a trading idea per-say but I will continue to Sell Rallies on the 60min Chart.
Hope this helps!
A countertrend play with patterns at major resistance I've spotted two potential bearish patterns completions which lines up with the beginning of the major resistance zone of 122.93 - 126.87.
At the rate of 123.54 completes a bearish butterfly pattern. At the rate of 122.99 completes a deep crab pattern.
These two patterns in conjunction with the major resistance zone gives me a PRZ of 62 pips to keep an eye on.
USDCAD 4 HOUR LONGprice is pulling back into nice structure level which would be a good opportunity to get long. Buyers are clearly defending this level as they dont want price to drop into the area where Canada cut interest rates. I.ll be watching for a buy signal at this level eg bullish hammer or engulfling pattern. My long term target is still at 1.30 but i.ll be targeting 1.25358 for now
NZD/USD 4H longReasons for entry :
- Harmonic move
- AB FE 161.8
- ABCD : FR AB 38.2 -> FI CB 224 = perfect abcd ratio
- Daily structure
SL:
- Below structure, if price makes new structure low the setup will be invaild so it is very good risk reward
TP:
- On previous structure which is FR 38.2 of impulse leg