We have a classic Double Top forming here - The strength is weak, suggesting that it will not break higher before it breaks lower. Also, we have a classic Tweezer Candle pattern sitting right at a resistance. These factors put together make this an obvious short. That said, I'm going to be waiting for one more weak candle close before I go short. Play this smart people!
We've seen an initial thrust followed by consolidation. Then we've bounced convincingly, forming higher lows and higher highs. Next week could see a nice rally up towards the 6700 area. All this is negated by a drop below our three support hits, of course. Happy trading!
USDCAD has a very peculiar configuration this week. The support at 1.31220 was violated on Thursday, but the Bulls came into the game to bring it up above it again. Nevertheless, another bearish bar closed just below it on Friday. Macro and Cyclicity are expecting a signal to go LONG. Interesting to watch and see whether this takes a clear position either LONG...
This Trade is a simple short, given the overbought strength into resistance. If I see some more bearish candles, I will be shorting. Will update with entry levels! Check Out Our Focused Forex Chat! atlas-trading.signup.team
If this candle finishes with a strong bullish body, then I will be climbing in to ride a short bounce up. It looks slightly oversold, and the possibility of a bounce is high IMO. I will be updating with entry if I end up going long. Check Out Our Focused Forex Chat! atlas-trading.signup.team
Coming off of this double top, we need to look at this crucial level. Depending on how the candles behave in the next few days, we might have a profitable bounce on our hands. I will be updating with candle analysis as we move forward. Just remember, trade after confirmation of the move! Don't waste your money betting just to be up 20 pips. Check out our focused...
Another pair that closed on the verge of either a bounce or a support/resistance break. EURAUD stopped on Friday at 1.41748 with a very short body that suggest a price confirmation in the area that has been a support quite a few times in the last quarter. If the EUR appreciates, there is still a soft level to consider at 1.41328 so for the moment the...
USDCHF might open interesting opportunities if the level around 1.00641 gets broken. There are three different supports to look at downwards: 0.99421, 0.98382, 0.97390. While breaking the psychological level of parity might be not probable, the Risk-Reward-Ratio in this case looks really appealing. A factor of risk is the volatility shown in the last month or so...
USDJPY has closed the week down a neat trendline. A bullish bar (inverted hammer) has appeared on the H4 timeframe and this is reflected also on the Daily timeframe (in the screenshot). The trend seems clear and is still trading under the EMA, even if the macro factors driving the USD might probably come into the game mid week. If we trade what we see, we can put...
As we can clearly see, price has been bouncing between the support and resistance roughly. After price went down to support last week, a doji candle formed - indicating indecision. Also, notice how AUD is temporarily weakening, especially seen in AUDUSD and AUDJPY. Stop Loss and Target may need to be adjusted according to market fluctuation and news.
Accompanying the hourly chart on Silver, we see bullish divergence from the last few lows in the price, and we've also seen a good reaction at a previous area of support and resistance. You may want to look at my hourly chart for silver (linked to this idea) to refine an entry on lower timeframes, but I believe even if we remain in this mid-term bearish trend...
Wait for a channel bounce and look for opportunities to short this pair!
I've entered a small long here, off the support above $52. This support goes back a long way, look at it on the weekly. I'm targeting the retest of the pink up channel we just broke, or the blue horizontal channel. Longer term though, I think oil looks extended, and I don't think supply is set to fall much. So I'd be interested to look for a short position...
RSI 50 has been providing support, look for a breakdown to short, chart has notes
Bearish Zigzag Correction on the GBPUSD to 1.1700. This I feel will be a correct and looking for a bounce at this level.
In my point of view, the price either bounces off from my weekly important level or it already did bounce off, as you cannot expect the price to hit the line but better view it as a zone. I guess that could be a nice long position up to .71500. If any advice you have towards my trading or the pair, share it with me! I am just a beginner.
Long position on EA, with a risk to reward ratio of about 1:1 Bounce from support, and although this is an overall bearish structure since it is a descending triangle, we can still take advantage of this opportunity