Testing a new strategy here, looking more at the time of day that a move occurs.
Here, price moved below an equal low during London Open and formed a doji reversal candle.
Looking for price to reach up to yesterday's high.
Price has been trending downwards since the start of August. The move down last week took out a previous low, continuing bearish market structure. At the end of last week there was a retracement to the 0.295 fib level and rejection from it.
I'm looking for price to continue lower, aiming for a move down to the 21st July low of around 1.537.
Another short setup has presented itself. After the impulse move down seen last week, we have seen a corrective move upwards. There was also a retest the descending trendline.
Adding a fib to the impulse move down shows the extension targets, i'm looking for the equal lows from mid July.
Similar to the long idea last week. Price broke above the long term descending trendline, retraced to the 1.724 zone shown. Today price broke above the corrective structure shown, however I will look for a retrace on the 4H time frame to the 1.746 - 1.747 zone before entering long.
Price broke below the ascending trendline started in August. Today we saw a retest of this trendline and break below the corrective structure that has formed. Fib extension targets shown which line up with the 0.675 low.
Looking at the daily chart there have been two strong rejections. On to the 4H, there was a break of an ascending trend line, retest, then break of the corrective structure.
Could see a retest of this new trend line, which is why stops are placed back within the corrective structure.
Targeting the equal lows shown.
There was a bearish impulse this week, falling straight through previous S/R levels. Price has corrected back to the upside with a series of higher highs and higher lows.
Price broke below the ascending support trendline, looking to target the previous S/R level seen in mid July.
Similar to the NZDUSD short, price has broken below an ascending trendline, made a corrective structure, then broke below this new support ascending trendline.
This is a late entry as I would have ideally entered on the breakout close.
Stops set within the corrective structure and targeting the 1.618 fib level which is in line with the July double bottom.
On 21st July price made a recent low, before impulsing higher and breaking market structure to the upside. Higher highs and higher lows were being made before this recent corrective structure. This structure didn't make new lower lows so I am still bullish on this pair.
Price broke out of this corrective structure to the upside. A similar move as the one from 21st...
Price broke above the daily descending trend line, formed a corrective structure, then broke upwards out of this as shown. Price has been trending upwards since mid June.
Stops below recent low, fib targets shown.
