DISCLAIMER: Hi everyone, this is just a log book for me on applying everything that I have learned and continue to learn as I go along. That being said, I do not advise you to base your trading on these "ideas".
Ok everyone so this week Im gonna step away from one of the pairs that I usually trade. Mostly because I had a good experience with this pair last week and I want to try it out this week. So here we go...
Weekly:
On the weekly charts we see some serious resistance area around 0.73818. There have been small breakouts but I dont consider them too important seeing as how the candles closed below those peaks. There is also a support line formed starting from August 24th of 2015. Making higher lows thus making an uptrend and forming an ascending wedge.
Daily:
Here we can see a little better that resistance area being held around 0.73458. There is also a resistance-turned-support area around 0.72442. Price also closed below the MA this friday. This along with the rejection from that resistance area, could be a sign that the price will retrace. I would probably look to short this pair.
4hr:
Ok on this 4hr we see the price has tapped the MA but still unable to break it. A bearish trenline seems to be forming here.
I will look at the 1hr chart on my own in order to look for entries and will look to short this pair.
Ok everyone so this week Im gonna step away from one of the pairs that I usually trade. Mostly because I had a good experience with this pair last week and I want to try it out this week. So here we go...
Weekly:
Daily:
4hr:
I will look at the 1hr chart on my own in order to look for entries and will look to short this pair.