So here, I'm trying out a new strategy. Stochastic is overbought and has begun moving downwards. Price has made a lower high while the stochastic has crossed under 80 after being overbought.
AUDNZD has a major resistance at the 1.0750 area, and it has broken a support trendline after testing 1.0750. You can also say that a triple top has formed on the chart, with a slightly strange support (neckline), but nothing in the forex market is like they say it is in the textbooks.
As you can see here, price had a clear rejection off the trendline. Here's for more USD strength, cheers.
When this resistance breaks, I will buy. UJ resistance TL has already broken.
USDJPY has broken above the resistance trendline on the 30m and closed there. Broken trendlines indicate reversals if used correctly, so up we go. You can also wait for the 1h candle to close for additional confirmation.
TP1 38.2% TP2 61.8% RSI: Overbought. Stop loss above X pt.
Not sure which way this trade will go, as at this point it is possible it will break out either way. Resistance TL breakout, go long. Support TL breakout, go short.
Broken support Trendline on 30m chart
Not a signal, not telling anyone to buy this as well, but this is how I did so.
Yen pairs gaining strength, I can see this pair falling to below mid 85s
You can have a smaller stop loss than me I'm just trying to be safe. I am still working out what seems to be a good stop loss.
Buy at 114.83 with stop at 114.63 Target at 115.06
Nothing complicated in this chart, head shoulders are very clear and the candle patterns are pretty simple.
Possible double top SL 0.80564 TP1 0.80277, TP2 0.80088