Candlestick analysis focuses on individual candles, pairs or at most triplets, to read signs on where the market is going. The underlying assumption is that all known information is already reflected in the price. The technique is usually combined with support & resistance. Each candle contains information about 4 prices: the high, the low, the open and the close. A candle body reflects the net price movement between open and close while the wicks show reversals that occurred within the timeframe of the candle.
Each candlestick, therefore, provides an easy-to-decipher picture of the price action. The length of the wicks versus the length of the body in combination with whether a candle is bullish or bearish, can be used to determine a signal for the price action to come. Common candlesticks that are used in this analysis are dojis, spinning tops, hammers, engulfing candles, pinbars and inside bars.
EURUSD bounced off resistance level at 1.1066 twice with 2 bullish engulfing candles, creating a potential double bottom and a great opportunity to buy.
Rising wedge pattern breakout
Support (also fibo level) tested as resistance
Inside bar sell signal
Selling at market price with
# SL @ 1514.358 and
# TP @ 1429.477
Don't invest what you can't afford to lose. This is not investment advice. Subjective view/report of a financial product only.
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This could turn early, or bide its time and go very deep as a correction (as this pairs seems to enjoy doing). Will have to wait and see with some CAD news tonight. The R/R for a downside drop is very nice indeed. Sitting out until then.
We can currently see Sterling move just above the weekly support at 1.20000 which also happens to be a major psychological round number.
Looking at the daily it seems to reject the charted support as shown, however there is a lot of strength to the downside caused by the politics including a possible no deal Brexit in the UK and the ever rising US Dollar as we...
Hello all - DuncanForex here with another trade idea
After the quick scalp on Friday, price action is cycling higher this afternoon
Multiple ways to trade - on the daily chart - you can enter on the break of the high
I am also looking to enter on the retrace overnight to see if the area I have shown in the picture holds as support and if it does I am in on Buy...
4H CHART EXPLANATION:
The 4H corrective movement was broke a few days ago, it was an Ascending Structure correcting the previous Downside impulse. Now it seems that price is trying to continue towards the Support Zone. If this one is broke then there are two Daily Support Zones at 8.10 and the other at 7.80.
MULTI TIMEFRAME...
Ive been a little impatient this week with some trades and am not sitting on any wins for this week as of yet. This one looks pretty clean and the R/R is around 6:1, which is perfect for the types of trades I look for. End of the flat correction and the final part of the upside looks in tact. Lets see what happens.
Support broken
Bearish engulfing bar formed
Pin bar pinning the moving average
Selling at market price 1.63402 and
# SL above the engulfing bar @ 1.64279
# TP lower @ previous swing low @ 1.61411
1:2.5 risk to reward ratio
Don't invest what you can't afford to lose. This is not investment advice. Subjective view/report of a financial product only.
You can...
HOLY SHIT i JUST DISCOVERED SOMETHING ON 12H.
- This demand wave is the test of the shoulder line of a 12H H&S.
- We surpased a longer downtrend line and we're above the neckline.
- Phi 305, 144, 17 have been strong 12H support.
- We have support from all of these ^ in the strongest order.
- This shoulder and trend line test is off of a bounce from Phi EMA...
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