EURUSD - News caught me off guardUSD Current accounts releasing worse than expected news by the Bureau. EU taking a dive to the upside. Luckily I was able to see that price was struggling to close below the 1.12000 handle. Exited at 11.6 pips in profit. Also keep into account market sentiment is bearish. Banks doing their thing by stopping majority of the retail traders out. Best to have your money management and exit strategies on point.
Keeping a close eye on the neighbouring levels as I am still bearish on this pair.
Priceactionsignals
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.
Would you go long, short or no trade on this chart? (Nov. 26, 2018)
This is a good opportunity to practice your price action skills. Before moving the chart forward, answer the following questions:
1. Would you go long, short, or no trade...right now on the chart above?
2. Reasons for trading or not trading?
3. If you would trade, call out your stop loss and take profit.
Then scroll the chart forward to see how you would have done! Leave your results below...
Strong Possible BuyLooking for Strong Possible Buy
Several confirmations pointing in that direction But there ultimately waiting on price action whether it happens on the support or ceiling.
Waiting for the break of support or Resistance on 1 hr
The retest of Support/Resistance on the 1-hour candle or Higher Time frame
2 consecutive 15 min candles in initial breaks direction
Projected Entry for Buy
EP 1519.20
SL 1516.19
TP1 1535.60
TP2 1555.40
Projected Entry for Sell
EP 1504.86
SL 1507.01
TP1 1499.69
TP2 1492.70
I have confirmations for both directions. So this is a Neutral call I will be moving in either direction after price action.
How to read my chart
TP's are marked in Green
Zone is marked Orange
hover over note pins for price action Entries
GBPJPY Trade Idea# Downward trend line indicating lower highs
# Sell signal printed around the trend line (resistance)
I have sold at market price @ 145.720 with
# SL just above the sell signal (inverted hammer)
# TP lower down around support @ 144.00
As usual don't bet the farm, good risk management won't kill you but the lack thereof could :)
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