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Confluence

EURGBP Short: Bearish Wolfe WaveEURGBP has completed a bearish Wolfe Wave setup and may be ready to short toward the target line. Triangle is complete on the APRR oscillator as well. As always, it's a good idea to wait for confirmation before placing a trade. Close below the 1-3 extension would be a good indicator of continued bearish pressure in this case, with a tight stop above recent highs. This setup has two targets, one at point 3 and another at the 1-4 extension (traditional WW profit taking level).
Short
by glennmercer
3
AUDCHF: uptrend and strong support indicate room to the upsideThe pair has been in a longer term uptrend (better visible on the daily chart). After the strong bullish move recently, the price is now retracing to the previous support levels, ready to continue further up. Stochastic indicator show oversold levels both on the 4H and the 1D chart, which indicate that the sellers are losing steam. The support area offers great opportunities for traders entering long, with a good R/R ratio of initially 1:2 but with potentially much more room to the upside.
Long
by UnknownUnicorn553472
gbpusd bearish continuation opportunity-Mkt testing fib & structure confluence area that is likely to act as resistance in a downtrend -B/c the mkt is trading at 20yr lows there is a lack of structure for tgts, most logical extended tgts would be 1.27 and 1.61 of the most recent bearish leg. -Anywhere within bearish trend continuation zone represents good location for shorts with stops 1atr behind the invalidation area around 1.3620 -BE AWARE: BOE Gov Carney Testifies today 5am Eastern, conservative traders should wait until after testimony before engaging the mkt.
Short
by AndrewNatter
NZDUSD Big Short ContinuesHey traders! This one's a long shot but the risk is low and the setup fits my trading strategy. A bearish wolfe wave is complete after the trendline break was retested. The completion of E is confluent with the B-D parallel which is an indication that the pattern is complete and the trend may reverse. This reversal could mark the continued downturn of the pair toward the larger TF wolfe wave target and bottom of the daily TF triangle. See related idea for larger TF setup. GM
Short
by glennmercer
USDJPY Long: Multichannel ReboundUSDJPY may potentially produce a reverse head and shoulders pattern at the base of two descending channels. Two weekly pivots sit above price and are confluent with important fib levels. If price does not met entry, the trade will be cancelled and I may start to consider short opportunities. If SL is hit, there may be a wolfe wave complete just beyond the base of the demand zone. Bearish price action past 105.5 would indicate short bias. GM
Long
by glennmercer