after our initial entry at the QML level , we have bearish engulfing price action on the daily time frame which confirm our sell bias , im expecting more sell to the LOW of the structure which will serve as our TARGET
Price hit the weekly trendline last week and reject it after we saw DXY recovering from the dowtrend with a bit of correction , i expect more up from DXY till the next two to three weeks before we go down again so do i expect a correction to the downside till it hit the target on AUDUSD
my view on this pair remain the same as we are in wave 4 , if this is expanding flat then we will have a push up to 0.6620 and price will go down more below 0.6384 to complete wave C of the structure but as for now im still in for the sell unless the previous high is broken to confirmed the expanding flat .
we are in minuscule wave 5 of zigzag WXY correction , after the correction at 1.3318 i expect price to reject this at which serve as 78.6 retracement level for the whole wave , then price to start going up base on the structure and the wave count
EURGBP, finish a 5 wave sequence and on the run for the three wave corrective sequence of ABC which make it up as head and shoulder , price is expected to move to the 0.786 or 0.618 fibo level as per wave rules and law
I'm synchronizing this to my babypips lessons gotta start somewhere #gang trying to get this "hands on" training. So I learned about fibonacci retracements and I'm placing a sell limit order: assuming that the overall downtrend continues, as seen in the 4 hour chart for USDJPY, if the retracement rallies above the 23.6 % level my order (position=sell) initiates. I...
EUR/USD Exchange Rate
Once you start getting used to the signs of breakouts, you’ll be able to spot good potential trades fairly quickly.
Breakouts are significant because they indicate a change in the supply and demand of the currency pair you are trading.
This change in sentiment can cause extensive moves that provide excellent opportunities for you to grab some...
Study notes on the Babypips course. Based on this article:
Chart example: USD/ Swiss Franc
The Falling Wedge is a reversal/continuation signal, much like the Rising Wedge.
In this case:
- During an uptrend, this means momentum is cooling off a bit, but the price will continue to rise later.
- Can be formed at the...
Study notes based on Babypips course:
Momentum Indicators aka Lagging Indicators
- More accurate in representing changes in trend
- However, lags behind the trend shift, reducing profit margins
- Less prone to false signals / fakeouts so less risky
Delayed entry but higher accuracy....