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EURAUD, daily tf, buy upside ABC correctionHello my friends, Another trade i took today is EURAUD pairs. As you can see, i've marked the elliott wave movement and in my opinion we're now done with all five waves. Wave-5 usually end at the 127% fibonacci retracement of Wave-4. We can expect an ABC correction to the upside from this point. Notice that price actually broken above the descending trendline but only retested it down below at 1.6070. It looks like there is also horizontal support here as well. In conclusion it is an area of confluences. I already take a buy position from 1.6070 and still holding it. Buy EURAUD 1.6070 Stop loss 1.6000 Take profit 1.6210 (2R) RR Ratio 1 : 2 Use only 1-2% risk Good luck
Long
by HayatoDragonFX
3
EURGBP Multi-timeframe analysis Daily - Since 24th of November market rejected the 0.88610 zone and moving from HL to forming a possible HH. Our target is to catch a buy in this move. 4H-Break the downtrend structure and now we are at the 0.89958 key zone with market forming a second HL. We already have a bullish engulfing as a confirmation and with more bullish elements we could get our Buy setup on Lower Time Frames (LTF). Using 1H for confirmation and 30m for our entry, since both are on a downtrend forming a LH, will wait probably another 3 to 6 hours until market find a new HH and HL, otherwise the Scenario 2 (S2) will be our future setup. Will keep you updated. Please follow us for future analysis and ideas. Sam
Long
by Capitalflowsam
GBPUSD, 4hr tf, sell on confluence of resistanceHello my friends, Today we are going to sell GBPUSD as i think price pretty much overbought and looks like bulls start to exhausted. If we do an Elliott Wave count, we found that we are at the end of Wave-5 and pretty much we will see an ABC correction soon. Price also moving inside this upwards channel respecting it for the last 4 weeks. Finally it come to meet an area of confluence resistance at 1.3485 and was rejected from it twice already. With this second rejection at this resistance then i am convinced we could try selling GBPUSD now. Sell GBPUPSD 1.3475 Stop loss 1.3520 Take profit 1.3295 (4R) RR ratio 1 : 4 Use only 1-2% risk Good luck
Short
by HayatoDragonFX
2
EURJPY, daily tf, sell on strong resistanceHello my friends, As you can see there is an inverted head and shoulders pattern in this pair. Price broken above the neckline and continue to shoot up without retesting those neckline. In my opinion, this impulsive movement will soon exhaust and get a correction because price just shoot above the neckline without retesting it. After marking our horizontal level support and resistance, we could start trading between those zones. Right now i think, price pretty much overbought and exhausted. It is shown by previous daily candle which was rejected from 126.45-126.75 resistance area. I think it is about time price retrace to retest those neckline at 125.00 area. I am going to sell this pair in order to capitalize this retracement. Sell EURJPY 126.45 Stop loss 126.85 Take profit 125.05 (3.5R) RR ratio 1 : 3.5 Use only 1-2% risk Good luck
Short
by HayatoDragonFX
GBPCHF SHORTOn the daily chart, you can see the wick of the previous candle has touched my monthly level and a following extremely bearish daily candle suggests price will continue to fall from here. I believe it is in the process of retesting although I'm not sure where it will retest to so waiting for a short opportunity. I have plotted my fib levels on the daily timeframe. This could be the start of a downtrend but I wouldn't take the short until a strong bearish rejection off one of the fib levels. You can see a downtrend on the 4hr timeframe more clearly. If this goes in favour of a short, I'd expect it to at least reach 1.19315. I'm a beginner so please point out any tips or flaws in my thinking!
Short
by UnknownUnicorn8813949
GBPUSD, 4hr tf, sell on conlfuence of resistanceHello my friends, I hoped you all are doing well with your trading. I myself am having a bad week as some positions hit stop loss. This week alone i got 4 positions hit stop loss and got 8% loss banked. Each trade was using 2% risk so in total it was 8%. Well thats not a problem because everybody will have a bad week or months in trading. Nothing to be a shamed of. For today i am gonna trade lightly and i already got some positions in mind which looks very interesting. First is GBPUSD pair. As you can see, price still moving inside the ascending channel which could be a potential bearish flag in the future. Price currently moving into an area of confluences which is the meeting point of ascending channel and horizontal weekly resitance. In my opinion, we could see sellers step in to hold this area and a rotation to the lower side is likely to happen. Sell GBPUSD 1.3265 Stop loss 1.3300 Take profit 1.3160 (3R) RR ratio 1 : 3 Use only 1-2% risk Good luck
Short
by HayatoDragonFX
Waiting for Retest of Bullish Engulfing To CompleteWe're going to be trading off the results of the bullish uptick and the partial retracement from last week. It is actually a bullish engulfing on the daily timeframe. If we go back down, he may bounce from the daily zone of 1.71798, then head to the weekly level at 1.70366. Otherwise, we'll continue to go bullish once the retracement is complete as soon as we pass the daily level. BULL TPS: • 1.71684 • 1.72830 • 1.73672 BEAR TPS: • 1.70968 • 1.70498 • 1.69885 only if the retest of the engulfing candle on the higher timeframe fails and we pass through the weekly level.
by NikaJourney
CADCHF - NEXT MOVE - COT REPORT - SEASONAL Hello, traders! As we can see we have some obvious bearish pressure from the CADCHF pair for some time now. This is due to an increase in long orders for the CHF as investors move their money into safe bonds and currencies with Low-interest rates during a global pandemic. We can see an increase in CAD short orders and an Increase in CHF long orders from last week's COT report showing us that we could have a high possibility of a move to the downside.
Short
by CQRFX