Chinedumnweke

Chinedumnweke

Bulls pushed price strongly and broke above limit level. Price came back for a retest of previous resistance now turned support and is currently forming a bullish engulfing candle. You may choose to enter a long position at the open of the next candle after the bullish engulfing candle. SL can be placed below support line or you can scale in on a lower timeframe...

Chinedumnweke

Here is a good place to enter a short position at low risk

Chinedumnweke

It will be better to wait for a pullback into previous lows, after doubletop, before taking a long position. That way, you can get a favorable risk to reward, Especially if you are a sniper trader. You may choose to trial your stop along the way to TP area.

Chinedumnweke

1. Price has been using 20MA as dynamic resistance on its downward path. 2. 20MA is preparing for a cross with 200MA to the downside. 3. Price is at fib level of move AB. This fib level confluences with 20 and 200MA, acting as resistance. 4. Price is currently showing rejection around this area. Though bulls have flexed their muscles strongly for this...

Chinedumnweke

I can see price has been making lower highs and lower lows after a 4 months uptrend. An early sell entry would have been after formation of double top at the 125.000 level, that signaled a push to the downside. We currently see that price did a pullback to the key fib level and 200MA acting as dynamic resistance here. Multiple wick rejections in this area of...

Chinedumnweke

We finally see a break of descending triangle with a strong push to the upside, suggesting a continuation of previous uptrend. A better place to enter in on a buy would be after a retracement to the 50 & 61.8 fib retracement area. Profit will be many times bigger than risk. Cheers!

Chinedumnweke

Price is at Important Supply zone. Notice how price reversed down each time it came into this area. Also note the inverted hammer that has formed, suggesting a move to the downside. Profit is 5x bigger than risk.

Chinedumnweke

Scaling in, we see that price is in the process of forming a double top and it is currently forming a doji candle stick at what appears to be the end of the up push. Earlier this week, after my analysis, I saw that price was going to come down to the 200MA after bouncing off resistance. I anticipated a bounce from 200MA back to resistance to form a double top,...

Chinedumnweke

Seen from the weekly TF, this pair has been an a very long-term downtrend! I am talking about years of overall decrease in the peaks of price. We see a formed wedge from rising lows and falling highs. Depending on the condition of the market and direction of the break, this can be a reversal or continuation pattern. Drawing reason from the direction of the break,...

Chinedumnweke

Now we see clearly what price is doing in the here and now. After the extended uptrend that broke above descending triangle as I mentioned in my previous post, price entered into the distribution phase. Along the way, we see price break below the range, and push back into the range, moving within a channel of higher highs and higher lows. Price is now at a...

Chinedumnweke

EURUSD is currently trading above the descending triangle. Now, we know that a break above or below a descending triangle is usually accompanied by a huge move to the down or upside, depending on the direction or position of the break. Since this is a break above triangle on this pair, we may consider this to be thee beginning of a new and extended uptrend. Also...

Chinedumnweke

Even though price is at resistance of triangle and a sell may be the most logical option, in the grander scheme of things, this symmetrical triangle suggests a continuation of the preceding uptrend. A breakout above this triangle would then be the cue to go for long positions. However, pending a breakout, still consider a selling position for the short term....

Chinedumnweke

Price is at resistance of channel and resistance area of distribution range. This a good place to sell to the support of channel or to midpoint of channel where partial profits can be taken. Consider also that since this is a distribution phase, a sell may be the better option to look for as a Decline most likely follows a distribution. In essence a sell position...

Chinedumnweke

Overall outlook is bearish. This makes sense because If a strong down move follows, as suggested by the descending triangle, it may give a bias to the neutral symmetrical triangle, changing it's polarity to the bearish side.

Chinedumnweke

After a 6 months advancement, AUDCAD might be brewing a decline. We see a distribution after the advancement, followed by a break of distribution range support, signaling end to distribution. Now price is back for a retest of support now turned resistance and the presence of 200MA at that same support turned resistance area further suggests possible additional...

Chinedumnweke

EURJPY can form a double bottom at the support area to rise towards resistance area between 125.018 and 124.535. Reaching that point can be a potential triple top, signaling a move to the downside.

Chinedumnweke

Price is in an accumulation phase/range and at the support of the AR. The support would be a good place for a long trade with low risk. This falling wedge will be a good place for an uptrend continuation if price breaks above the wedge. Please endeavor to do your own analysis to find better entries and better options. Cheers!

Chinedumnweke

We see a minor H&S pattern form within a major inverted H&S. This can suggest that price may move down to the root of the up move that became the left shoulder of the mini H&S pattern thus completing the right shoulder of major inverted H&S pattern before going up to the root of the down move that became the left shoulder of major inverted H&S pattern. I know...