SEKUSD trade ideas
Technical analysis and trendline and chartpattern analysis......#USD/SEK make a Rising wedge chart pattern with
small bear flag . make a short opportunity.
USDSEK double bottom set up. DXY Pullback?USDSEK on the 4 hour has been in a major downtrend with multiple lower highs and lower lows. We hit a major support zone on the daily chart at 8.6000. From here the downtrend is beginning to exhaust with no new lower lows.
From here, it seems we are setting up for a double bottom pattern. A quintessential reversal pattern. I am awaiting for a break above the flip zone at 8.80. I want a nice and concrete candle close above. Wait for that close! We could easily get a reversal and a pinbar candle.
If we get that break, expect multiple higher lows on the way up. We have a major zone at 9.10 which I would target.
Speaking about USD pairs, take a look at the DXY. Also a possible double bottom pattern which NEEDS the breakout to confirm. Will we get it? We shall wait and see.
If we do, it could be a pullback to the 95.00 zone before making a second lower high on the daily chart.
Here are a few USD pairs that have similar set ups:
The downtrend continues to drag bullish investorsThe US dollar to Swedish krona trading pair is widely predicted to crash to its lowest level since April 2018 the pandemic continues to take shots against the buck. The decline should help bears assert more dominance over the market by pushing the 50-day moving average lower against the 200-day moving average. Looking at it, the Swedish krona has been one of the strongest currencies to take down the US dollar amidst the coronavirus pandemic. Some forex experts even believe that the Swedish krona’s run against the greenback is better than the Swiss franc, a safe-haven currency. However, the recently released economic data from Sweden has slightly weighed on the Swedish krona and it has prevented it from securing bigger gains after the pair break through its most recent support. Investors are waiting for further guidance from the scheduled Swedish producer price index for June later this Monday.
Simple rules to understand Supports and Resistances behaviour The idea of this post is to use this current scenario to provide an idea of how to work with clear Support and Resistances zones.
a) LOOK AT THE PAST: What we mean by this is to look for zones that you can define as reversal areas (support/resistance), this must be Evident if it is not then you should not be paying attention to that chart
b) Once you have found a situation in the past that is clear enough, you can think that similarities may happen to the current scenario, For example, we would say something like: The price will reverse towards a similar level as it happened on the past
c) Be ready to be wrong: We don't know what the price is going to do precisely, BUT we can assume two situations, either will break a level, or it will reverse on a level. Let's take the previous support zone as an example. We had an evident support zone, and the price dint reversed there, BUT the price stop for a while. so we can make a rule like this:
-IF the price breaks a clear support/resistance zone; first, it will tend to stop there and make a sideways movement for a while before continuing
-IF the price reversed on a level, I should see similarities to previous situations, and I can use it as models to follow and wait for triggers or signals that I saw worked before
d)LAST RULE: The price moves between specific Support and Resistance zones following the previous 2 ideas about breaking a level or reversing on a level / Take a look how the price broke the last zone support, making a sideways movement first. After that, the bearish movement continued and now has reached the next support zone, there we should think again that both scenarios can happen, and just react to the more evident one.
USDSEK LONG - W-patternHi traders,
Interested in a trading oppurtunity on this pair?
Check the telegram channel for a 1:12 risk:reward!!
t.me/FXT_TL
USDSEK LONG - W-patternHi moneymakers,
Allright, so an exotic pair.. lots of movement on this pair most of the weeks, so lets fasten the seatbelt.
Ok, so we have a lot of rejections on the daily wich is giving us the information that the bears seem to be failing to push lower.
And what happens when the bears fail, YES, the bulls come in, wich is also in line with the chart pattern at this point.
IF we go up, IF, than we will form the W-pattern and the risk/reward is amazing + we will have another trading oppurtunity towards the neckline.
So, keep a very, VERY close eye on the price action thats happening on this pair to catch the waves!
Cya on the update!
