For the price action, candlestick analysis people out there, The weekly chart shows a Shooting star/Bearish Pin bar on the Weekly chart and a confirmation of it with the week just passed with a weekly candle close below the low of that Shooting star/pin bar. This is a pretty compelling reason to look for sells at least down to that red zone in my opinion. However,...
Bearish engulfing bar on H4 as well as D1 (see link for D1 view )
Both sell signals located around areas of value.
Trading the engulfing bar usually offers a strong risk to reward ratio and in this case the provisional target is 3 times that of the risk (and price could fall more after that which will increase the reward...
Weekly chart for NZD: Price still looks moderately expensive
Trend on Daily: Sideways
look for shorting opportunity where a market short will work.
If price does make a rally... it will be a small rally to a price point probably around 0.6726
Amazing correction on 1h frame from 13951$ to 10700$ ..
For now we have a hammer candlestick in a confirmed correction down trend, if the next candle will close green we may see a brake out and the end of correction wave ...
Else than this, we can see deeper correction and we can touch the point of 8900$ ( I see this scenario as the strongest scenario) ...
Selling at market price 1.12928 with
# SL above resistance @ 1.13124 and
# TP lower down around support @ 1.12262
To learn the dynamics behind this trading strategy please join my mailing list at www.profitfxza.com
Always exercise good risk management. Don't bet the farm and don't invest what you can't afford to lose.
Buy @ market price 0.65690
SL @ 0.65484
TP @ 0.66791
To learn the dynamics behind this trading strategy please join my mailing list at www.facebook.com
Always exercise good risk management. Don't bet the farm and don't invest what you can't afford to lose!
AUDCAD hits the first confirmation onto the demand zone. The First bearish candle to hit our key zone is around 5/13/19 and the low before the reversal is set at 0.093542 on the minor demand levels before jumping out the zone. This will be a break shorting oppotunity at the next major demand level since price hasn't been back around this aera since the end of...
# Lower highs formed
# Support turn resistance re-tested and pinned
# Bearish engulfing candle pattern completed (sell signal)
I am selling at market price @ 1.12003 with
# SL above the bearish engulfing @ 1.12430 and
# TP lower down at support @ 1.11215
As usual don't bet the farm, good risk management won't kill you but the lack thereof could :)
Understanding Japanese Candlesticks give us insight to market psychology in a given time session.
We see the buyers stepped in from our support line we can conclude that a bullish move to 1.32300 as a TP1 and possibly to TP2 @ 1.32630 for an additional 33 pips.
Expect a test of Dynamic Resistance at the 200 EMA.
EURAUD is inside shadow pre-identified in previous post. Goto back story for basis of this discussion.
The boundaries of current resistance/shadow zone are 1.5717 and 1.5618. Black candle last Friday is a price reaction or rejection to this zone.
Since today is up we have luxury to wait and see if another rejection in the daily chart. Window panel below shows...
Recent Price Action: Bullish
Pattern: Rising wedge (short-term correction)
Long-Term Momentum: Bearish
Short-Term Momentum: Bearish
Action: Potentially enter short position after price breaks 4H trend support. Otherwise, wait until price closes and tests trend support on the daily chart.
Comments: Price had a strong retracement after a huge sell-off....
I posted a trade setup yesterday where a very large bullish pin bar candlestick had formed on the weekly charts that coincided with a previous low (which acts as a major support line) as well as an important price level of 0.75. You can view that analysis here . Price...