Gold:
GBPJPY:
GJ has been very bearish over the last couple days dropping over 300 pips. I don't see it stopping until the 141.45 area which is my daily demand level. Yesterdays daily candle engulfed a lot of previous bullish price leaving a nice wick behind. H4 broke multiple levels of H4 demand and is trending well below the 8 ema showing strong bearish momentum. So I'm looking for sell entries on lower timeframes with a target of 141.45. I am monitoring the M15 timeframe to look for possible bearish set ups to ride down to 141.45. I need a pullback to a supply level before entry.
AUDUSD:
Daily price is bearish for AU with price gapping below a support level retesting that level with a doji and then spiking south with a heavy bearish engulfing candle. Price is not retracing on the Thursday candle to the Tuesday lows. The Tuesday lows match up nicely with the H4 +1 supply area. H4 is showing a nice pullback into regions where money will potentially be dropped off and turn south. Dropping down to the M15 timeframe the same +1 level lines up nicely with +1 levels on the H4. I will be looking for sells on the M15 with confirmation from candlesticks and RSI. hopefully we can get a nice wick and bearish candle to show down side momentum and rejection of supply. Maybe even a little break of structure on the M5.
USDCAD
Longs until 1.3380 area. UC is showing bullish momentum after Wednesdays daily candle close; HUGE bullish engulfing that took out last weeks highs and a weekly level. Only be wary that we are in a weekly and daily +2 level of supply. We still have room up to 1.338 0to still maintain bearish structure. Dropping down to the H4, bullish momentum continues as we broke previous highs and weekly resistance. We came back to restest the weekly level on H4. Dropping down to M15 bullish momentum HH and HL formed. Price just bounced off M15 +2 supply with a massive bullish engulfing (scared me away though with it almost doubling the previous candle - my RR went out the window and I did not enter bc I think price moved to rapidly in that one M25 candle). Price is continuing to shoot up without me, but I will wait for another entry if new highs are formed - unless it taps the 1.3380 area.
GBPJPY:
GJ has been very bearish over the last couple days dropping over 300 pips. I don't see it stopping until the 141.45 area which is my daily demand level. Yesterdays daily candle engulfed a lot of previous bullish price leaving a nice wick behind. H4 broke multiple levels of H4 demand and is trending well below the 8 ema showing strong bearish momentum. So I'm looking for sell entries on lower timeframes with a target of 141.45. I am monitoring the M15 timeframe to look for possible bearish set ups to ride down to 141.45. I need a pullback to a supply level before entry.
AUDUSD:
Daily price is bearish for AU with price gapping below a support level retesting that level with a doji and then spiking south with a heavy bearish engulfing candle. Price is not retracing on the Thursday candle to the Tuesday lows. The Tuesday lows match up nicely with the H4 +1 supply area. H4 is showing a nice pullback into regions where money will potentially be dropped off and turn south. Dropping down to the M15 timeframe the same +1 level lines up nicely with +1 levels on the H4. I will be looking for sells on the M15 with confirmation from candlesticks and RSI. hopefully we can get a nice wick and bearish candle to show down side momentum and rejection of supply. Maybe even a little break of structure on the M5.
USDCAD
Longs until 1.3380 area. UC is showing bullish momentum after Wednesdays daily candle close; HUGE bullish engulfing that took out last weeks highs and a weekly level. Only be wary that we are in a weekly and daily +2 level of supply. We still have room up to 1.338 0to still maintain bearish structure. Dropping down to the H4, bullish momentum continues as we broke previous highs and weekly resistance. We came back to restest the weekly level on H4. Dropping down to M15 bullish momentum HH and HL formed. Price just bounced off M15 +2 supply with a massive bullish engulfing (scared me away though with it almost doubling the previous candle - my RR went out the window and I did not enter bc I think price moved to rapidly in that one M25 candle). Price is continuing to shoot up without me, but I will wait for another entry if new highs are formed - unless it taps the 1.3380 area.