Price touched the SL on my previous entry before moving down.
Now i'm looking for the 2nd entry that was mentioned in my previous post, so let's see how this goes!
Price has broken out of a Rising Wedge and successfully retested the 0.618 region.
I am currently short on UJ with TP1 being the bottom of the Channel and TP2 being the bottom of our Wedge.
Price is currently forming a Bear Flag within a Rising Wedge.
I'm looking at two potential areas of entry to short, either at the Horizontal SR level which coincides with the top of the Rising Wedge, or a potential Break and Retest of the potential Bear Flag.
Potential TP would be at the bottom of the Rising Wedge which would give us a good R:R of 1:5
Currently a nice Bearish Div has formed on H4 and price has been rejecting the 14000 area for the past couple of days.
If price were to push further up, there is a strong TL that price has been respecting for quite a long time which might act as a strong resistance to push price further down.
My bias would be a medium-term short position for now with a R:R of about 1:2.5
Based on my Analysis, price has been hovering around this range for quite sometime, but a lower high has been formed on H1 timeframe in confluence with a potential downwards trendline.
If price were to reject at this area, it's safe to say that GBPAUD is going to fall.
I'm looking for this good level of support (which has been holding for quite sometime now) to...
So it seems like Price has broken out of the Resistance level and is currently testing it as Support.
This looks like a good area to place a buy if price starts rejecting with wicks or throwing us clear bullish signs.
This is it.
Either we pump to the moon or fall to hell.
But based on multiple rejections along the lower channel trendline acting as an excellent support, it is highly probable that we are gonna break to the upside.
Can't wait to see what the next couple of days has in store for BTCUSD.
I'm still long boys.
After rejection at the resistance level, it looks to me like the price is finding it's way to the 265 region before bouncing off the trendline.
Placed my limit order and watching this trade closely for now.
Let's see :)
A follow up from my previous post.
Looks like the price bounced right at the 4hr downtrend line.
The 9800 support level seems to be holding pretty well.
We should see a break to above 10k if 9800 holds, otherwise we'll see a bounce along the trendline before a breakout.
I've a long position to cover the first scenario and also a limit order to secure my entry...
Just gonna post this for fun.
Looks like we are currently in a downtrend based off the 4H chart.
Price is probably gonna break past resistance level at 9650 and come up to respect the trend line before heading down again towards the resistance turned support level.
Gonna take awhile before we start breaking out of the downtrend but well, just in time for...
