GBPCHF broke above Daily trend line ( red trendline ) and it was in pullback for last 9 days and made a bearish descending channel ( blue channel)
today it retested the broken trend line and the bottom of flag channel
it printed a nice bullish candle on 4H time frame with big tail on close on the high
this is a good signal to enter the uptrend
stop will be...
GBPUSD broke above Daily trend line ( red trendline ) and it was in pullback for last 9 days and made a bearish descending channel ( blue channel)
today it retested the broken trend line and the bottom of flag channel
it printed a nice bullish candle on 4H time frame with big tail on close on the high
this is a good signal to enter the uptrend
stop will be below...
NZDJPY had an aggressive sell on Dec 2018
from 1 to 2 it took 20 candles and it went down for almost 960 pips
strong bearish candles and only few bullish candles
in 2019 this pair was in retracement mode
from 2 to 3 it took 23 candles to rise 670 pips
very weak bull candles and many bearish candles
this is telling us that sellers are still in control of market...
USDCAD reversed from Weekly ascending channel's resistance (yellow channel) around 1.3665 last days of 2018 and had 6 days of aggressive selling
It is consolidating for last 6 days
4 of last 6 candles were very weak bullish candles and couldn't go above on last bearish candle so the selling pressure is still high
there are 2 options to trade this setup :
1)...
GBPNZD bounced on Weekly trendline (red area) while Weekly Stochastic went well below 30 level
It printed 2 clear Head&Shoulders pattern in this area
First one (blue rectangles) broke the neckline (1.8625) and came back for a retest this week and completed the second and bigger H&S (yellow rectangles) with 2 nice pin bars
I entered this trade today on breakout of...
NZDCHF retested weekly descending channel last week and formed head and shoulders pattern on H4
also failed to break above 61% fibo level
waiting for neckline break out
short term target is 38% fibo level that is last broken major resistance
long term target is bottom of channel
EURGBP had an aggressive sell off and attempt to break descending channel failed. it found support at 0.8723. this level acted as a strong support before
now its creating a Head & Shoulder pattern on H1 time frame
the neckline matches 23% fibo retracement
50% and even 61% are possible targets if it broke neckline but according to strong downtrend 50% will be...
GBPCAD tested weekly ascending channel's (yellow channel) support and created double bottom with a higher low
it also broke above daily descending channel's (blue channel) resistance and 1.7150 resistance area which is double bottom neckline
it formed bullish flag on H4 time frame
pullback to 20 EMA and breakout of bullish flag on H4 are good setups to go long...
USDCAD bounced of the bottom of daily channel (purple) and weekly channel (yellow) and broke above 1.2888 which is strong support area
there is a good buy opportunity on the retest of this level or pullback of the 20EMA
