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Tripletop

Engulfing kicker at daily resistanceHey guys, today i want to share a traditional structure based trade that's on my watchlist today. On the left hand side of the chart you can see on NZDUSD we are fronting a key resistance level that may stop price action's rally. If you follow me for a while you know i'm a conservative trader and that i need additional reasons for entry in order to set my orders. On the 4 hr chart (on the right hand side) you can see a closer look to the last price action's movements. Price's forming a triple top right now with RSI divergence. From my bigger view i know i want to be bearish and then i'm considering only shorting opportunities. Price is also putting an engulfing kicker which i sometimes use as reason for entry. And that's the case! If the current candle will close below the previous opening i'm going to sell this. With targets and stops as indicated above. Let me know if you have any doubt. Otherwise, see you in the next chart!
Short
by Roker1
USD/CAD bullish weekly close, potential triple topThis chart is really interesting. USD/CAD faked out of this weekly trendline, with CAD weakening as BOC stated they are leaving the door open to near term rate cuts. This could see continued CAD weakness in the coming week and lead to prices testing the key 1.3580 level to the upside. Our overall bias is still short so we see a triple top forming at the .50 retracement, but this could present opportunities for intra-day buys.
Short
by Trader_Troy
1
NZDCAD Daily Triple Top w/ Slanted Neckline3 times price on this pair retested the resistance zone surrounding 0.96 seen above. The first time price reacted bearishly (the first top), however it did not go far down as it did previously (see 2015-12-29 date on chart). The second time price broke above the zone but then fell some - forming a second top and then going down to make a higher low. Then again, the third time it formed ANOTHER higher high and is currently going down from that. The fact that there has not been a lower high followed by a lower low suggests that this pair is technically still up trending. This is key, however, because that means that we can get a position in on time. The white support trendline is in fact the formation neckline. Price will definitely head to the TL next week, and then maybe to the 0.9290 area. We must wait for a lower low and then for a lower high to short this pair, or at least I am, you do what you like.
Short
by MtxTrader
AUDJPY Shorting Possibilities AUDJPY has a lot of shorting potential at the moment, however any position we are going to take needs to be confirmed due to the subjectivity of the trades on offer - meaning I am expecting an overall selling direction but there are more than a couple of things price can do first which can be seen on the chart. Sell any breakout as and when it occurs - this is not my ideal setup but one I would like to get into IF it occurs before our other, more idealistic setups which I am going to mention now: My ideal setup consists of either getting in short at the red resistance level or, preferably, at the higher trend line at sell zone 2. The latter of the 2 will give us more confidence that price wont continue up any further allowing for tighter stops and better RR = more profitability. We will be expecting a breakout of this downtrend in the future (we have a lot of divergence on the daily to suggest this is the case) just like on other JPY pairs however we will not be looking for this long set up yet. As usual, take trades only after confirmation & good luck!
Short
by jamiekent123
USDCAD: Triple Top Reversal?!Hi Traders, I have been eyeing this setup for most of the week. There is a 2618 selling opportunity very close to market. This pair has made a triple top (see marked on chart), which is a sign that we may see a bearish reversal and downside continuation in the coming week. I have a position ready to sell at the 61.8% fibonacci retracement, it has extra confirmation as this level comes in line with previous support turned resistance. I place my stop above the triple top highs, because if price breaks this level I will be wrong. Targets are at the 100% and 127.2% extensions of the move (See green boxes) Good trading and have a great weekend all. Luke
Short
by Beebags
6