Daily trend formed, after strong break out... taking the retrace trade on this bullish trend. Entry around 0.7625 Targets @ 0.7765 1:3 Risk reward
The EURCAD has two times during this downtrend had trouble with the support at the purple box but has recently broken through it and is now coming back up. We look to short it when it comes back into the 1.4365s again as we then get what i call the "broken fang" setup meaning that price prints lower lows but equal highs (indicated by grey triangles). We are also...
The USDJPY has multiple times had trouble with the pink resistance level but broke through it yesterday and is now coming down to retest it once again! We look to long it when it comes back down into the 121.4s as we then get what i call the "broken fang" setup meaning that price prints higher highs but equal lows (indicated by grey triangles). Other confluences...
The GBPNZD has multiple times had trouble with the purple box but has recently broken through it and is now coming down to retest it once again! We look to long it when it comes back into the 2.3s again as we then get what i call the "broken fang" setup meaning that price prints higher highs but equal lows. Other confluences are the .382 fib retracement, the...
The EURGBP0.18% has multiple times had trouble with the dashed blue line (both now and in the past, go the the 4hr chart!) but has recently broken through it and is now coming back up. We look to short it when it comes back into the 0.7155s again as we then get what i call the "broken fang" setup meaning that price prints lower lows but equal highs. We are also...
The EURUSD has multiple times bounced from the purple box but has recently broken through it and is now coming back up. We look to short it when it comes back into the 1.108s again as we then get what i call the "broken fang" setup meaning that price prints lower lows but equal highs. Our stops go above the resistance box and I'm hoping to catch a 1:3 on this...
The GBPCHF has multiple times bounced from the grey box but is now ready for a second retest. We look to long it when it comes back down into the 1.509s again as we then get what i call the "broken fang" setup meaning that price prints higher highs but equal lows. We can also see that we have confluence at this area as there are 2 fibonacci levels coming together...
The GBPUSD has multiple times bounced from the purple boxes but is now ready for a second retest. We look to short it when it comes back into the 1.537s again as we then get what i call the "broken fang" setup meaning that price prints lower lows but equal highs. We can also see that we are currently retesting the blue trendline which hopefully holds and help us...
The CHFJPY has 3 times bounced from the purple box but has now finally broken through it. We look to short it when it retests this level again as we then get what i call the "broken fang" setup meaning that price prints lower lows but equal highs. Our stops go above the resistance box and I'm hoping to catch a 1:3 on this one as price should come back down to at...
The EURCAD has multiple times hit the important level of 1.463 (purple box) but has now finally broken through it. We look to short it when it retests this level as we then get what i call the "broken fang" setup meaning that price prints lower lows but equal highs. Our stops go above the resistance box and I'm hoping to catch a 1:3 on this one as price should...
textbook setup. Price has failed to break the 1.10 psychological barrier several times so this could be a nice level to go short with a nice 1:3 risk to reward. if price does manage to break out of this barrier then next resistance to look to get short is at 1.11294 which is also in confluence with the 61.8 fib level.