We have a nice strong channel from the 29.2.2016 and the price just touch the it. The demand zone with 50 % fib retracement can hold, and push price back to supply zone at 1.47000. So we can see the nice forming HH ( higher high ) and HL ( higher low ) formation. This we use to find a potential trend reversal. Have a nice week !
I looking for price action about 0.70500 zone, maybe a pinbar on beeb bearish outside bar. Potential triple top on daily.
PRICE ACTION TRADING. STEP SEVEN Find a supply and demand zone. STEP EIGHT Find a PINBAR at demand or supply zone PRACTICE,PRACTICE,PRACTICE AND PRACTICE SEE YOU AT NEXT VOLUME !!
LONG TERM VIEW SPX500 On Wednesday, the S&P 500 opened the U.S. cash session (9:30 EST) lower only to close the day higher. Thursday, same action, different day. Friday presented us with the big miss in NFPs (worst since Sep ’10) causing the market to gap lower and then furthered its losses on weak ISM Non-manufacturing data; but once again buyers showed up...
We can see that support trendline from December 2015 is still active. The NFP on Friday price push to channel middle line. We are looking for retrace to strong weekly supply zone and BRN 1.1500 then we will looking for short call. The risk reward ratio is very good. Long term we looking for break monthly demand level @1.0570 and to go down to 95.000 or 93.000...
PRICE ACTION TRADING. STEP FIVE Draw the box, use a support and resistance bars. STEP SIX Find a PA ( Price Action ) reversal pattern. PRACTICE,PRACTICE,PRACTICE AND PRACTICE SEE YOU AT NEXT VOLUME !! Update status
PRICE ACTION TRADING. STEP THREE Find the forex reversal pattern. STEP FOUR Determined stop loss and entry point. PRACTICE,PRACTICE,PRACTICE AND PRACTICE SEE YOU AT NEXT VOLUME !!
PRICE ACTION TRADING. FIRST STEP Draw the channel. And check how the price moving. HL- Higher low HH-Higher high LL-Lower low LH-Lower high STEP TWO Draw the support and resistance lines. PRACTICE,PRACTICE,PRACTICE AND PRACTICE
So we have 2 months down trend. On daily timeframe we can see a nice forming channel, maybe 0.50% fibonacci will hold we have brn ( big round number 0.7500 ). Next potencial long opportunity is at 0.618% fibonacci hold, daily demand zone.
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-NOTE- Monday 30.5.2016 Today it's a quiet day on market because London Stock Exchange and New York Stock Exchange are closed. In UK is May Bank Holiday and in NY is Memorial Day.
-NEW SIGNAL- INTRADAY TRADE POTENCIAL SWING TRADE Type: Market Date: 30.5.2016 Technical: DAILY TRIPLE TOP Pair: GBPJPY Timeframe: DAILY Trade: SHORT Entry at: now 162.684 Take profit 1: 155.381 Take profit 2: OPEN Take profit 3: OPEN Stop loss: 162.951 ( 25 pips ) Our risk: Touch trades/Wick plays = .25-1% risk depending on the situation
GBPJPY SCALP 10 PIPS SL 1:10 RR