The chart shows all. Trend line break to the downside, let's see how far down this can go!
The spike up makes me think there was a last minute push by big market players to get a good short entry by taking out some stop losses.
Good risk reward on this one :)
We have a nice setup here. A well respected trend line sits underneath price and makes up the bottom of a bullish triangle. There have been recent impulse moves that trade in a channel and break up after so expecting the same here.
Elliot Wave fans will like the Elliot Wave Triangle, let's see if it fits perfectly and breaks out on move F.
Beware of Brexit Day...
I've just entered this trade. We are looking at an impulse move up, followed by a period of consolidation in a bullish flag pattern. Price has no broken up out of this area and now that the pullback is complete, I have entered.
I did consider moving the TP higher as the previous impulse move was strong but there is an equally strong area of resistance holding...
The chart shows clearly what I am looking at here. We have the impulse wave down breaking below the support zone and now I am looking for a sell opportunity in this pair. I will then aim to ride the wave down to the longer term trend line below!
I am looking for a pullback up to the support/resistance area before awaiting confirmation on a sell trade. If price...
I think this chart shows everything well. We have a nice upwards channel that has formed and in the previous moves the past resistance has been respected as the new support. The lower trend line also seems to act as a nice point of support.
My prediction is that price will come down once more to find support in the S/R area at around 121.200 and on the trend...
I believe price will be making a move downwards but awaiting confirmation. Price recently broke below the long-term trend line and now has a nice pullback up to the same trend line. My fibonacci levels are based on the downwards impulse move that broke the trend line.
My two predictions are as follows:
1) Price will move below the 38.2 Fib level and break the...
I have just entered a short position on GBPJPY. I've highlighted the Lower Highs and Lower Lows forming a bearish market structure and I am expecting another Lower High in the blue support/resistance zone.
3.00 Risk Reward on this trade.
Fairly self-explanatory chart here. Price has broken through the upwards trend line and is looking like it will pullback up to the previous area of support which will hopefully act as resistance. I then see further downside potential to a previous area of around 1.63600.
I will not be entering this trade straight away! I am waiting for price to pullback to the...
AUDUSD Long opportunity as shown in the chart. There has been lots of bullish momentum in this pair through December and with rising tensions between the US and Iran I see no reason as to why that bullish momentum will change. Looking at the technicals, we can see how price retraced back down after it's last impulse leg and has found support at a previous...
This is an interesting one, in which I'm not sure of a long term direction with this one.
I maintain a bearish bias for the next couple of weeks as I can't see the 112 level being broken just yet, so I may potentially enter a short trade after confirmation of a rejection at this level of resistance. I did also use fib retracement levels to help measure the...
This is what I am looking at this morning... As you can see, a clean trendline break on that upwards trendline. There is a nice area of resistance above if the retail sales data at 9.30am GMT comes in positive. However, we have the BoE interest rate decision at 12.00 GMT which is expected to remain, but with more members voting to have a rate cut! If the rate...
Please let me know your thoughts on this one. I like the look of a long on AUDUSD here but I am aware of my bearish NZDUSD bias.
So you can see a longer term trendline (thicker line) cutting through the chart and sitting just above price currently. We have an upwards trendline acting as support here and I have highlighted a recent resistance area which is also...
The chart shows all again! Support and Resistance areas highlighted in blue. Upwards trendline as support also to help pick my exit to this trade.
We've seen the USDCHF and USDCAD come down today and USDJPY is now also showing signs of following hence the entry into this trade.
Looking at a potential short trade on NZDUSD, if you love trendlines you will like this chart! We have a medium term upwards channel. The thicker trendline above is a longer term trendline and it looks like there could be a fakeout on this one. Finally we have a shorter term upwards trendline in which price has broken out of and now I am waiting for a pullback...
I think the chart shows it all here.
We have a longer term trendline acting as support and a clear trendline break upwards complete with a nice pullback for a good looking long entry.
The only thing the chart doesn't show is why I've set the exit point to where I have... My exit is sitting just below the 200EMA.
