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GBPCHF - DESCENDING [D] BREAKOUT or? Good Evening People... And, The Finale of the analysis for today - Working Hard! [Moving on to TradingView , I have had to set all the charts up again - But, its something that refreshes the mind for me - Positivity!] This evening I have been looking at the GBPCHF With this and as always - I began with a Top-Down Analysis Lets cut to the raw stuff... On the Monthly - We have a Bearish Trendline and also being respected on the Weekly The last visit to this diagonal resistance was back in 2016 Throughout this time - The market has dropped slightly and proceeded to range Moving on to the Weekly - I have the aforementioned Range marked out Now, last week - We did have a relatively small Pin-Bar present itself [Don't get scared - I am thinking this may just return to the 1.235 zone - This being a 61FIB too] And, bounce :l Now the interesting and trade-able stuff... The Daily Timeframe On the Daily, I have identified a Descending Channel The market is working it's way up to the Resistance of the channel and coincidently, it will meet Horizontal Resistance [ But, not before that H4 Pin-Bar has been honoured, right?] And... Whilst on the topic of the H4 - I would like to mention the Ascending Channel I have marked out on this timeframe The market is currently testing the Support of this channel If we look back at the Descending Channel Resistance on the Daily - We can see an abundance of Confluence The meeting of the H4 Ascending Channel Support , Resistance of the Daily Descending Channel and Horizontal Resistance [ Beautiful, right? ] At this 1.2599 Confluence I am looking for a Breakout with a Daily Close before any long positions can be considered Alternatively, any type of Bearish Price Action CS would have to be considered as Shorts Thats it for today people - Good Night & Sleep Well Thanks for tuning in - Peace Out!
by fxhole_
AUDUSD - DESCENDING PARALLEL CHANNEL Good Afternoon People... Today, I will be providing Technical Analysis for the AUDUSD To begin I would like to provide a brief 'Top-Down' from the Monthly through to the H4 Although, being new to TradingView It is not possible for me to provide the necessary chart images for all the timeframes utilised. Currently, I am only permitted to provide 1 chart image - Therefore, I will provide the Daily as I execute the majority of trades on this timeframe. So, I am afraid you will have to use your imagination for the other timeframes - Unless you message me and I would be more than happy to provide :) Now that's out the way - Lets get stuck in... Looking at the Monthly Timeframe, I have marked out a Bearish Trendline - This connects the 2 highs This particular Trendline is also respected on the Weekly Timeframe Moving on to the Weekly - I have identified a Double-Top What is quite compelling is that, this Double-Top met with the aforementioned Bearish Trendline and Horizontal Resistance Now that's the type of confluence us traders are looking for right? So, yeah - We have that, and the AUDUSD dropped in style - Printing Lower Lows/Highs for several weeks Furthermore, we can see that price pushed through the 0.726 support zone and last week returned to the zone and rested with as Pin-Bar With this bearish connotation in mind - I moved down to the Daily Timeframe and began to look for selling opportunities Instantly, I identified a Descending Channel Following this, I marked out additional S&R - identifying the confluence of the support @0.699 Price has recently bounced from this and began heading north This being marked out as an Ascending Channel/Bear Flag - Which is also respected on the H4 Now this is where it becomes interesting and may I say exciting .... For me - I have my eyes on the confluence of the multiple resistance at work @1.7316 [ Resistance of Horizontal Level, Descending Channel, Ascending Channel and not to forget the Weekly Pin ] This is where I will be looking for short opportunities in the near future... Alternatively - If price breaks down below the Ascending Channel/Bear Flag Support - I will still be looking for price to return to the confluence @1.7316 zone Well that's about it for this one guys - I will be providing updates And, if you need the Monthly, Weekly & H4 timeframe images - Let me know or just leave a comment for them and ill see what I can do Thanks for tuning in - Its been a pleasure
Short
by fxhole_
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