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U.S. Dollar / Singapore Dollar

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USDSGD trade ideas

USDSGD coming back for a retestAfter USDSGD has escaped the ascending channel and the head and shoulders pattern, it is now touching an ascending trend line starting back from Sept 21 and touched again on Feb 22, also touching a 23.6 fib level, currently looking to retest the previous support (neckline) and a 61.8 fib, which is now resistance @1.366, and also the lower channel line. Which was broken earlier. in a 1-hour time frame appears to print a divergence on the RSI indicator, which indicates that we might have a change in the direction -------------------------------- Feel free to share your thoughts in the comments, and kindly support the idea with a like. Your support is greatly appreciated!
Long
by Candlestick_OB
4
#USDSGD long#midterm trading idea as you can see price recently test a very important static support area which has been tested 3 times before from above. price took out liquidity from the lowest low of 3 bounces and failed to close below an arrow that we have on the chart. also if you check weekly timeframe you can see also price tested a 200 EMA as well and didn't close below EMA neither. for taking this position: 1- we need a bullish engulfing candle which shows that bulls are back. 2- a bearish corrective to test supporting area 3- taking a position in direction of the primary trend which base on DOW theory is still intact and we still dealing with bullish market. it is important also to have a look at DXY chart to make sure it holds above 104.620 trading idea is invalid if: 1- price close below 104.620 on DXY on Daily timeframe 2- price close below 1.3659 on USDSGD on Daily timeframe
Long
by mohemati
USDSGD : Expecting this could be a end of "e" wave as a triangleDisclaimer : LEARNING ELLIOTT WAVES IS LITTLE BIT TOUGH (FOR ME IN BEGINNING) BUT I TOOK IT AS A CHALLENGE AND THAT IS NOT IMPOSSIBLE ALSO... First have an look for the positional trend i shared here previous....if you are a follower of me...and sometimes i will share the counter trend trade also in 15 mins and 1hr...but that is risky ones...so if the trend is bearish or bullish, if i am expecting the correction...book the profit there and wait the correction to end and again go with the trend....DONT TRADE THE COUNTER TRADE SETUP...you will took loss too...try to identify the short term pull back and the long term pull back after that took small lots in the short term PB with strict stop and go with big lots in the trend side that is long term. I WONT TOOK ALL THE TRADE PLAN SHARED HERE... Read the market commentary inside the chart what i shared here carefully and try to learn Elliott waves...otherwise its tough to understand the market commentary and my analysis. I wont give a entry, stop loss and take profit in my chart...it is only for EDUCATIONAL PURPOSE and I am sharing how i am analysing the pair and labelling them according to the Elliott wave theory...I AM JUST SHOWING THE TREND HOW IT MAY GO AND MY VIEW(it may wrong too)..so DON'T FOLLOW BLINDLY MY CHART. Take this as a reference and if you correlates or merge to your strategy, took the trade as per your strategy...DON'T ASK ABOUT YOUR RUNNING TRADES i wont comment on them and I WONT SUGGEST TO TAKE MY TRADE SETUP. I am a technical analyst based on trendline, channel, fib retracements, expansion, stochastic for divergence, EMA's and MA's are finding the pull backs and MAJOR IS ELLIOTT WAVES...those mentioned above are using as a TOOLS only. I am not a fundamental, sentimental trader...but only the fundamental will boost my technical analysis to reach my target or sometimes it will go against me and then i will manage the trade according to the Elliott waves alternate views...Each and every trade plan i am sharing here has a alternate view and i am sharing only the most probabilities(70-80%) here...sometimes the other (20-30%) may market do. Then I will change the wave counts and labelling according to the price action. All labelling and wave counts done by me by manually and i will keep change according to the LIVE MARKET PRICE ACTION. So don't bias, hope on my trade plans...try to learn and make your own strategy...Following is not that much easy...I AM NOT RESPONSIBLE FOR ANY LOSSES IF U TOOK THE TRADE ACCORDING TO MY TRADE PLANS....THANKS LOT..CHEERS
by nmkvijay