Fairly simple setup. Fully reversed bullish trend breaking past former higher lows. Pullback to 61.8% in alignment with psychological number 79.00. I suspect this correction is over and the 61.8% fib a valid level to take our shorts. Tp1 @ 76.80 Tp2@ monthly support in alignment with -0.61% fib extension at 76.00. Lets go.
Based on timeframe analysis, this a intraday short trade centered around :
Break of Structure on the H4, H1 and M15
Test of a strong daily resistance level
Bearish engulfing candlesticks showing a change in trend momentum
Retest of the break of structure before continuation of new trend
I also showed my projected stop loss and take profit areas. Be...
Waiting for a minor retrace that should lend to a nice buy opportunity on EJ. Support on previous descending trendline, new ascending trendline, psych level of 128.50, 50% retracement and a strong daily support/resistance area.
We have a possible long setup for Aud/usd
One. We have a break of structure in previous low in the bearish trend which now makes it Bullish.
Two: We have a possible retest in a supply Zone
Three: The supply zone is in the 61.8 however it can bounce off the 38.2
Four: Macd is Crossing
Five: waiting for Bullish candle stick variation
We are in this position because of the break above a previous structure and retracement back into a resistance come support zone. The pinbar candle signalled the entry, We have a 2360 fib level from a previous swing and we are trading in the short term trend direction. Probability suggests we will lose this trade but the risk reward makes it worthwhile.
EURJPY broke the support that's been in place for more than a month so it is highly likely to start a bearish trend.
There is a important structural level at 126.72 which coincides with 0.5 Fib so I assume that EURJPY will jump up to that level and go down again. Now it is in a relief rally up to 0.5 Fib.
I would suggest a short position at that level.
TRADE WHAT YOU SEE
During my Top-Down-Analysis which means for me that I am starting on the Daily timeframe, I thought this kind of process would be quite interesting to share.
1st: I identified the broken structure to the downside
2nd: I anticipated the outside return into previous strc. resistance, which completed last night during the asia session.
3rd: Now I...