Just as I predicted earlier last week, AUDNZD went down to the 1.04 area to complete the second shoulder of this inverted formation. Now it will likely be heading up to the 1.07 area to the neckline resistance, and hopefully, even more past that. I suppose a buy order would work when markets open, with a target just below 1.07, so like 1.0685. Overall, I am...
EURCAD SHORT OPPORTUNITY AFTER PASSING NECKLINE & RETEST
2 possible scenarios 1-breaks the neckline and continue up 2-bounce from resistance and goes down my best guess is 1.
It's a quite good R/R on this Neckline resistancet in my opinion while the Risk is not that much but the Reward quite okay and possible. The Volume Profile suggests the Resistance is good defended. Not that great with words, so i make an update to form my thoughts on this properly.
Price is around the neck line level (H&S). I'm kooking to get into a buy trade once it breaks the trend resistance as well
Use the crosses of the moving averages (7, 13, 26, 52) as the beginning of the uptrend. Broken neck line and now consolidation on the H4. Still a good buy if the dollar continues to waver (long term)
Mornin' traders! There are a couple of key levels to watch here on USDCAD. The most important of which to me is the 1.284 area. Before taking a long position I want to see price close the weekend gap and touch the unhit daily pivot for Friday. Since a higher low was created from a bullish impulse, I will be looking for bullish price action (pinbars, engulfing...
Weekly: Price is at major resistance area at 0.76000. The candle did not close bullish above last weeks candle followed by the bearish shooting star. Finding a nice short would be a good idea before its continuation up. 4 Hour: Price is in a nice upward channel. I see a possible Head & Shoulders pattern forming. The right shoulder can possibly form in the price...
Like, Comment and support. After earning 450+ pips from my last EURUSD idea, Short EURUSD again as I found head and shoulder pattern and neckline also seems to be broken so better to go short after watching price action
take a long position from blue zone, as it makes head and shoulder and breaks the neckline so possibility is to down equals to the neckline distance and from blue zone take a long position. as there is a support over there
FX:GER30 Safe Trades;
AUD/USD , Daily Chart. RSI (9,close), EMA (21, RSI). Risk Reward Ratio: 4.83. Shoulder, Head, Shoulder Pattern + Doji candle. If price break the neckline can continue a strong bearish progression. Doji candle confirm the pattern.
Usually I don't trade head n shoulders unless there are other valid reasons to enter. If you are an aggressive trade, you might want to enter just after the breakout of Neckline which has happened on Friday market closing. If prices are at your expected entry level during Monday open you can go short in PNB Happy Trading !
One to watch of the next couple of days to see if this comes into play... - Textbook head and shoulders formation, lets see if this one can break the neckline, if so trade the breakout.
So on Friday 13th May, we have seen the classic head and shoulder topping pattern confirm here on a lot of major indices. You could apply this thinking also to S&P500 and its derivatives Spy etc. So the head and shoulder neckline break, all in shorts right? Wrong. Note the orderly bearish action, respecting fibs very tightly on the way down. Also note the...