$CHGG Can we see $100?Took a position in CHGG last night and trimmed it today, looks good for a continuation, looks good to $98 then $100
Oldsupportnewresistance
EURCAD: +170 pip target!Why sell?
Head & Shoulders pattern
resistance at previous support
Initial profit objective:
1.534xx
Additionally you may want to wait for the market to pullback to test the neck-line, however, there is a chance that the market may not test the neck-line before the dip down to the measured profit target. This is an aggressive short entry with stops above the present highs after the market broke the previous support.
Good luck to everyone trading EUR/CAD!!
ETHUSD There are two options:
1. If the price will reach the last higher high, it going to touch the resistance (komo above the chart). we have to notice the price needs to show his power for higher price.
2. If NOT, then we have to except forcing the support to break down. when i focus on the history of this chart, i found several situation like now.
But, on this moment we have to ready for selling on the higher price or (if break down) sell and re buy on lower price.
In this case, what are the investors believing? this price is enough for ETH or this coin have more value?
what are you thinking about PSYCHOLOGY of investors & traders?
Bearish Bat and Short Opportunity for NZDCADToo many reasons to sell NZDCAD.
Break retest strategy and all other reasons can be seen on the chart.
There is also a negative divergence on 1d RSI.
Good luck all.
NZD/JPY - POSSIBLE SHORT ENTRYFX:NZDJPY
The rate has climbed up and is now testing the two-and-a-half-year falling trendline resistance. The current level is also the former broken neckline of a completed head and shoulders pattern back from February.
I will be looking for selling opportunities on shorter time frames, however the stops should be based above the resistance area (81.00) and possible target - the major support level around 76.00.
- See more at: www.tradeitsimple.com
AUD/JPY POLARITY CHANGEFX:AUDJPY
After bouncing higher from the 9-month-long rising trendline the rate has stalled a bit at the former support area which should now become new resistance.
I am looking for a strong rejection lower to target another test of the trendline around 84.20.
A break of the resistance area above 85.40 would invalidate my bearish bias for the pair as it would indicate a move higher to test another potential reversal area around 86.00.
GBP/USD AT THE TRIANGLE'S RESISTANCEFX:GBPUSD
The rate has risen to test the symmetrical triangle's resistance which is also an old support/new resistance area.
I have no clear bias at the moment so I will be ready to enter both sides.
For a short position I will be looking for a strong rejection from the resistance like a shooting star or bearish engulfing pattern to target the triangle's support around 1.2200.
For a long position I will need to see a break above the previous resistance test at 1.2675. This, however, would be a reduced position as the large resistance area (all the way up to 1.2860) could still produce a reversal indicating a false breakout.
POLARITY CHANGE ON EUR/JPY SUGGESTS REVERSALFX:EURJPY
The rate is currently testing some interesting former support levels which should now become the new resistance -
Already confirmed polarity change area (the yellow rectangle) 120.20 - 120.55
4-month long broken rising trendline support
The lower parallel of the broken falling channel (black dotted line)
I am looking for a strong rejection lower to enter new short positions and only a break above 121.10 would invalidate my immediate bearish bias on the pair.
Potential double bottom on GBP/USDFX:GBPUSD
We could be looking at a double bottom here. I am very interested in how the rate is going to act around the neckline at 1.2780.
At the moment I am looking more at the neckline break to trigger the double bottom set-up to target the former major support/now resistance at 1.3475 which interestingly enough seems to also be the approximate 100% breakout target for the double bottom.
A strong rejection lower from the neckline would indicate further range trading and a move towards the support at 1.2000 to form some kind of descending triangle very similarly to dollar yen set-up.
Watch the full trading video with all the set-ups here
Possible bull flag on GoldOANDA:XAUUSD
The price broke through the major psychological resistance at 1,200, which was also a major polarity change as the old support/new resistance, and right after the break it has been stalling just above this level forming something of a double top.
I am looking at this as a bull flag at the moment as long as we are trading above the rising trendline from last December. I will be entering a smaller long position if we get a strong rejection higher and will scale in once we’ve broken the current highs at 1,220 and target 1,250.
I will also consider taking a short position if we get a close below 1,200 as it would trigger a double top scenario for a possible move towards 1,150.
EUR/AUD SHORT - PARTIAL PROFIT TAKENFX:EURAUD
As expected after falling back inside the familiar range the rate pulled back to test the upper boundary and turned around right on the spot at 1.4470. (watch the video on full trade idea here )
As I have closed a part of my initial position and my stop's at break even - I will be looking to scale back in the trade.
I will be looking for a pullback towards the possible former broken support as the new resistance at 1.4320-1.4335 and keep targeting the range base at 1.4130
AUD/USD - TESTING THE 3-MONTH FALLING TRENDLINEFX:AUDUSD
AUD/USD DAILY
The rate broke the gap resistance yesterday and is now testing the 3-month falling trendline and former support level at 0.7330.
It came within 10 pips of stop loss, but I am still holding the positions and will be looking to scale in the trade.
My bias is still lower, however I am will be waiting for today's NFP figures before entering any new short positions.
A break above the trendline and yesterday's high at 0.7356 would invalidate my immediate bearish bias, but only to wait for a deeper pullback towards the broken channel around 0.7500 to sell from better prices.
AUD/USD - Old support - new resistanceFX:AUDUSD
The rate is currently pulling back higher to test the former support new resistance zone at 0.7280-0.7300 which is also a falling breakaway gap resistance from December.
I am looking for a short entry, preferably somewhere around the falling trendline resistance (black) from November.
Take a look at my video about weekly set-ups here
NZD/USD TESTING THE BROKEN CHANNEL SUPPORT AS THE NEW RESISTANCEFX:NZDUSD
The rate is currently testing the former broken falling channel support as the new resistance. I am looking for a strong rejection lower to enter new short position on the larger head and shoulders pattern trade idea .
I would like to see a bit deeper retracement higher for the rate to test the neckline of the head and shoulders pattern around 0.6960 or even the former broken rising channel support as the new resistance around 0.7050, however, as mentioned before - a bounce lower from the former channel support could work as an entry for a smaller short position.
2017 predictions on Crosses - GBP/NZDFX:GBPNZD
This one is has been in a free fall ever since the Brexit vote. It has broken every possible support and is trading at all time lows.
For the next year I really don’t see anything good for pound so I am only looking for a downside continuation, the only question is where to sell...
One possibility is the former channel support as the new resistance which has served as such plenty of of times these past 7 years. So if the test coincides with with a test of falling trendline (green) around 1.8300-1.8400, I would say it’s probably the best entry we can get 2017.
I would of course prefer a deeper retracement. A break of the trendline to test the former rising trendline (red) as the new resistance and then try to short the pair around the psychological 2.0000 level, but as I said, at least at the moment, I really don’t see it happening in 2017.
As far as the targets go - when you are creating new all time lows the best strategy is to simply use a trailing stop and ride it as long as you can, cause you'll never know how far can it actually go. I mean - it can drop to 1.5000 maybe 1.2500, but just as well it can start some kind of prolonged consolidation period at these lows right here and never really slip below that 1.6700 level.
Just look at the EUR/USD for the past two years. Even when the fundamental differences between the two currencies grew exponentially, it was just sitting there in the consolidation mode, ranging between the support and resistance.
So yeah! This could be a great opportunity, but its important to keep your expectations in check.
For full 2017 predictions on crosses click here
