Price has broke through level that has previously served as support and the movement of this pair indicates rejection of the previous supporting level.
Fibonacci is the only tool used in this trade and pair has also shown rejection of the levels which can also support the fact that there is a downtrend continuation which could occur.
Trade based on the following:
- Price is moving towards a level that has previously served as support in which a bearish move could occur
- Continuation downtrend
- Pair seems to be struggling to break above price
- Fibonacci level incorporated
Back testing GBPUSD. I started by identifying the trend then looking for a divergence, break and retest, or other patterns. In this example I identified what I believed to be a divergence signaling a sell and I also Identified a possible head and shoulders forming. In my excitement over seeing the head and shoulders I forgot to take into account the SL of the...
INTU looks ready to break into new all time highs. RSI is very bullish but not over extended yet. Good chance this gaps up over resistance tomorrow at open. $585 is my first target price. May wait to get in on a break and retest of resistance.
Watching for a change in Market Structure.
Sideway accumulation, Confirmation of bullish momentum is key here before making a move.
Break and retest of 0.03c area = Entry
Invalidation - Break of current support
eurusd clean break and retest, position protected by the weekly area in green just above resistance. however not to sure on the short position considering we still havent broke the descending trend line
CAD JPY coming to 88.509 resistance zone, waiting for a test of this zone then candle confirmation to show heavy bottom wicks, indicating a bearish transition. Supported by the continuous downtrend of the day and weekly charts. Additional confirmation of a fib level. TP at previous zone of 85.0221 SL at previous higher zone of 88.9541.
(July 4-July9th) OK girl you like fibs… and that’s ok why?? Because you like to know where YOU are at in the market. We like Monday’s to add confluence! Noticed how the market came back inside Monday.. Retest monday.. Left monday.. And came back inside? That is great! Also noticed where the market came and collected smart money? Also, this time around we were...
The market structure on GbpUsd seems to be shifting from a bullish to bearish sentiment on the daily timeframe. Ever since price has approached the Weekly Resistance Level, sellers have made themselves more apparent and clear downtrend structure has been established.
Scoping into the 4H charts, the most recent bearish candle has aggressively broke through the...
Looking at EurUsd, we could notice on the daily charts that ever since we've approached the Monthly Non-Horizontal Resistance Level, we've established bearish market structure. With this being said, it seems the sellers have predominately taken over.
Scoping into the 4H charts, price has just recently broken a significant level of interest and is currently...
Happy market open everyone! Let's see if we could bounce back after a tough last week. Looking at AudUsd, price seems to be pulling back to a potential pivot point that includes a Non-Horizontal & Horizontal Significant Level. If price shows bearish sensitivity around this area, I'll look to take sells.
As this is a Point&Figure chart, I'll have to provide updates manually as TradingView currently doesn't support the 'play' feature for them.
Noticed something interesting supporting the Bullish case for the previous Fractal/Bear Trap idea:
30 Take Profits
30 Pip SL
Move stop lose into profit after 8-10 pips in profit
2 trades in the same direction
1 trades has a SL and TP
1 trade has just a SL and you trail it
example for .10
.05 and 0.05
0.01 per $100
Follow YOUR trading plan
Looking at AudJpy, the analysis has changed a little since the last post. Price had a bullish push above the Significant Daily Level and could be signaling some buyer strength in the future. I'll be waiting to see if price could pullback all the way to the level before creating more uptrend structure. If I notice bullish rejection bounce away from the level, I'll...
As for GbpAud, I anticipated price pulling back to this daily level and reacting with bullish rejection like we are now. If price continues to show bullish sensitivity around this predefined level, I'll look to place longs. Waiting to see how the candle closes.