If this candle finishes with a strong bullish body, then I will be climbing in to ride a short bounce up. It looks slightly oversold, and the possibility of a bounce is high IMO. I will be updating with entry if I end up going long.
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This pair has been riding that upward trendline for a long time, and has finally seen some weakening. If today's candle closes below the trendline, I will be shorting the crap out of this. Combined with the decreasing RSI this trade looks like very high probability.
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We are coming off of a double top here, and about to hit a huge support level around 114.8. It will be crucial to watch the candles the next few days to see what happens and confirm direction. I will be watching for a bounce, but if the candles show bearish I will ride this one down.
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This chart shows us a rising RSI, weak candles, and moving into a support level. All of this leads to a bounce in the next week or two, and the price should be moving higher. RSI is only used to confirm a trade entry, price action is our first action item.
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Just like CADCHF right now, CADJPY is seeing weak candles moving into strong resistance with terrible strength. This will be moving down in the coming weeks. The RSI shows a double top with decreasing strength, one of my favorite and most lucrative patterns.
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This trade is pretty much just a trend continuation and hopping in on the trend before it runs out of steam. I have been in this one for the last few days and structurally I do not see a reason to get out before 86.6. I believe that it will not end up breaking that resistance level though.
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Depending on how the candles behave on this one, we might be seeing a classic Head and Shoulders pattern, which means that this extended pattern that has played out over the last few months could signal a YEARS LONG trend reversal for Sterling against the Euro 0.27% . Watch the candles over the next few days, and we might have our answer. Look for Pin Bars and...
This one is all about watching the price action. The RSI isn't really telling us anything useful, but we have an interesting structure forming here. Traditionally, I'd be looking for a break of this resistance, but something tells me that if it breaks, it wouldn't be a violent move down. Instead, I'm looking for a bounce off that support line. The next candle is...
This one is a textbook trade. Weak on the RSI and price just broke a LONG term trend line. I will be looking to ride this one down to 1.296. Confirmation candles are key, so waiting for friday's candle close below the trend line was very important to increase win probability on this trade.
ENTRY: 1.31079
SL:1.320
TP: 1.296
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