Smctrading
EUR/USD APPEARS BULLISHWith the DXY temporarily bearish to facilitate a pullback on its 4H leg of price we can expect EUR/USD to be moving bullish Aswell as they are negatively correlated. We need to be vigilant and aware of the fact that supply zones lie ahead meaning that we will be open to sells as we approach those zones. The supply zones may end up causing 4H BoS or further bearish structure to merely mitigate extreme demand zone.
DXY BULLISH The DXY bullish but currently moving bearish as a 4H break of structure occurred to the upside meaning a corrective pullback needs to occur to mitigate a demand zones below. This means for the time being on lower time frames we will be moving bearish, as a result currencies correlated to the DXY will be moving bullish as currencies are negatively correlated to the DXY index.
CHF/JPY Sell Idea 26/10/23Trade Details
Sell Limit
Entry: 167.863
Take Profit 1: 167.652
Take Profit 2: 167.218
Take Profit 3:
Stop Loss: 167.980
Key Notes
Order flow: Bearish
Trend: Bearish
Structure: Broken
Entry at order block / supply
Disclaimer:
This is just a sample template and should not be used as financial advice. Always do your own research before making any trading decisions.
EUR/USD both bullish and bearishEUR/USD seemed to react with a very high amount of momentum to the downside. With such a high momentum move it appears demand zones may potentially fail and a break of structure on the 4H may be approaching. On the flipside 4H bullish structure may hold as lower time frame structures may align and give reason for us to go bullish. If we go bullish, we may go bullish to simply mitigate 4H internal supply zones or to form a new higher high and higher low continuing bullish 4H market structure.
USD/CAD to take daily highWith the 4H now having multiple breaks to the upside and us closing in on the daily high, it appears we may now be able to create a new higher low within the next few days. However, we need to keep in mind that we never actually mitigated a meaningful strong daily demand zone, so price may actually reverse and look for a deeper daily pullback mitigating the daily extreme before taking the daily weak high.
GBP/USD WILL REMAIN BULLISH TO TAKE 4H WEAK HIGHWith 4H internal being in alignment with 4H swing structure I expect that we can expect a deeper daily pullback into a potential daily supply zone. However due to daily selling with a lot of momentum I do not expect us to go too deep and expect for us to simply mitigate the first zone in which I marked out and move to the downside from there.
DXY - Dollar Update TVC:DXY
With what am seeing on the chart, there is a 60% possibility that DXY will take out this 4 hour time swing low, which is also the recent low on daily.
This automatically means currencies paired against the dollar like EURUSD, GBPUSD, AUDUSD etc, will be bullish for today.
However, DXY is still bullish, the drop is just a retracement to take out sell stops liquidity.
How dollar react after taking out the low will determine what our next bias will be.
RISKING 1.5% IN A TRADE IS BETTER THAN BETTING ON REVERSALEXPLORE THE PREVIOUS ANALYSIS TO GAIN THE CONFIDENCE TO TRADE. NSE:RELIANCE closed the week with massive down, expecting some good move in upcoming weeks, for that 2275 could be the best price to enter with the stop loss below 2250 and the target can be 2475 or even the ATH . COMMENT BELOW TO LEARN THE CONCEPTS FOR FREE.
EXPECT 8% RETURN FROM INDIA's LARGEST CEMENT PRODUERSNSE:ULTRACEMCO , risking 1.5% in a stock is a good setup to trade, buying at the price of 8150 and making 8050 or 10 points below is the stop loss for the trade, expect the recent ATH to be the target. CHECKOUT SOME PREVIOUS ANALYSIS TO GAIN THE CONFIDENCE TO TRADE.