Good Morning Traders
I see a nice shorting opportunity forming on the USDJPY.
There has been strong bearish momentum on this pear for the last few days, with price breaking below the previous resistance level marked in orange.
We are now waiting for a retracement to the 108.60 - 108.70 area and looking for rejection of that area to go short.
The area of...
Gold has been bullish for the last few days, managing to penetrate the previous resistance zone but unfortunately, could not close beyond it.
I am still quite bullish on this pair and a close above the orange resistance zone, would be my entry to go long as bulls have then managed to secure the price outside of the resistance zone.
Some factors to consider:...
As shown in the Chart.
Price has been bouncing between the S&R for the last few days.
H1 chart has shown weakness at the resistance with long wick candles and strong bearish candles to the downside.
Entry Price: 0.90971
SL: 0.91400
TP: 0.89750
R:R = 2.85
Price is retracing to a strong previous market structure level @ 143.00. Check for possible entry position LONG at this price point. Area is also supported with confluence of Fibonacci retracement between 0.618 & 0.782.
Targets are indicated with previous market structure in dotted black lines.
OPPORTUNITY FOR A SELL TRADE ON AUSDUSD D1 CHART.
OVERALL TREND HAS BEEN BEARISH.
MARKET STRUCTURE LEVELS HAS BEEN INDICATED WITH THE GREEN DOTTED LINES.
NEXT MAJOR SUPPORT AT 0.73000 AND EXPECTING A REJECTING OF THAT PRICE LEVEL.
LOOK FOR A SELL OPPORTUNITY BETWEEN 0.72900 & 0.73200. PLACE TWO ORDERS:
ENTRY ZONE = BETWEEN 0.72900 & 0.73200.
SL = 0.73400
TP1...
CURRENTLY ON D1, EURCHF HAS SHOW REJECTION OF MARKET STRUCTURE LEVEL @ 1.1370
CURRENTLY IN THE CD LEG OF ABCD PATTERN. SELL NOW WITH TARGETS AS MENTIONED ON CHART.
ONCE CD IS COMPLETED, LOOK FOR BUY OPPORTUNITIES AT PREVIOUS MARKET STRUCTURE INDICATED WITH TP LEVELS @ 0.382 AND 0.618 RETRACEMENT OF AD MOVE.
Currently on the CD leg of the ABCD pattern. Looking for 1.27 extension of AB as TP for Long Setup. That completes D point.
Once D point is reached, look for shorts down to the zone between 0.382 & 0.618 retracement of AD move.
***TRADE AT YOUR OWN DISCRETION***
Price is @ a Key Support 113.75. Buying opportunity to 114.30.
A break and close below 113.70 will invalidate this setup.
Looking at the 09:30 15M candle we see a nice shooting star candle forming. Also good confirmation of this trade.
***TRADE AT YOUR OWN RISK***
Hi guys,
In my opinion, the trend is changing on the USDJPY. It has bounced off major resistance for a few days now at the 113.30 area. I expect a bearish move down to 112.65 where we will reassess what the market is telling us. However, due to the previous major bullish moves, I predict further downward pressure to the 111.84 area.
Also a nice double top formed...
USDJPY currently trading at a very strong resistance which has been rejected several times over the last few months.
I expect a drop on the USDJPY back to previous market structures. As indicated. It might be bearish up to the first level of market structure (112.70) and depends on what happens there, might reverse back up to the current levels, or continue...
