Setup reasons 1. support level has been touched and bounced 2. price has left a pin bar to signal a reverse 3. bullish candle show a change in momentum 4. bounce of long term strong trend line
So .... 1.we have a strong trend line acting as RES 2.we had a fake break out 3. price has dropeed after the retest of trendline 4.bearish engulfing on previous 4hr candle 5.daily candle is a bearish hammer
Possible bullish bat harmonic pattern on AUDUSD. If AUDUSD also touches the rising channel to form the third point, that would be an added confirmation to the technical setup. Long AUDUSD 0.6980-90 SL 0.6900 TP 0.7300 ===== www.ForexPositive.com Twitter @ForexPositive ====
After break of trend line last week price came back to re-test the trend line which held up and now has pushed of it leaving a tweezer bottom candle formation in place which add too confluences. Also weve been getting higher highs and lower highs which clearly show bullish trend and momentum so for me i will be long on this pair Happy trading ;)
USDCAD has been declining non-stop from 1.3450 to 1.2900 as of this writing. That's a whopping 550 pips drop without any significant correction rallies. USDCAD is due for a rally soon. If USDCAD drops to 1.2780-1.2800, it would be an excellent buying opportunity. Its a support zone, as represented by the blue zone. Its also a possible point #3 in the uptrend...
Pivotal zone in EURGBP at 0.7150-70 has been tested and reversed about 4 times. If EURGBP comes down to re-test it for the 5th time, expect this price zone to act as support once again. Long EURGBP 0.7150-70 SL below 0.7100 TP 0.7350 ===== www.ForexPositive.com Twitter @ForexPositive =====
Possible interim top for USDCAD. Crude oil making fresh new lows, but USDCAD not making new highs. This is a tell-tale sign of a possible divergence from the CAD/OIL correlation. Look to short near the recent high. Short USDCAD 1.3200 SL 1.3300 TP1 1.3000 TP2 1.2800 ===== www.ForexPositive.com Twitter @ForexPositive =====
GBPUSD is confined to a 250pips range since 13th July. For about 30 days. Its due for a breakout soon. There is a possibly false break to the downside as highlighted. If GBPUSD manages to break above 1.5700, then we can see a clean trending move. Long GBPUSD on breakout above 1.5700 SL 1.5600 TP 1.5900 ===== www.ForexPositive.com Twitter @ForexPositive =====
Long EURJPY around the inverted head & shoulders neckline support of 136.60-90. The risk of going EUR long is the political situation with Greece. If Greece defaults, the EUR will go down like a rock off the cliff. However if Greece gets any positive resolution, EUR would shoot up like a rocket with the shorts covering. Long EURJPY 136.70-80 SL 50-60pips TP1...
For EURCAD, a inverted head & shoulders pattern is emerging. The neckline resistance (in red rectangle) is clearly visible around 1.3740-60. If EURCAD retraces to the 50% FIB level, this would coincide with a prior support zone (in green rectangle). This support zone at 1.3390-00 is tested 2 times. Look to enter a long position if EURUCAD pull backs to this...
Confluence of 2 FIB retracement levels around the same price at 0.7800-10. There is the larger retracement (in pink) at 38.2%. And the smaller retracement (in blue) at 88.6%. Look to short at the intersection of both FIB levels. Short NZDUSD 0.7800-10 SL above 0.7850 TP 0.7600 ===== www.ForexPositive.com Twitter @ForexPositive =====
Short USDCAD if it pullbacks to resistance zone of 1.2350-90. My trading strategy is to to enter short at the middle zone, which is 1.2370. However, you are free to choose where to enter in the resistance zone. Short USDCAD 1.2370 SL 1.2430 TP 1.2000 ===== www.ForexPositive.com Twitter @ForexPositive =====
3 technical signals showing confluence around the 1.8280-1.8320 zone level. A) 61.8% FIB retracement B) Support/resistance zone C) Possible trend line support Long GBPCAD 1.8300 SL below 1.8250 TP1 1.8700 TP2 1.8900
Whenever the chart shows a confluence (i.e. 2 or more) of technical indicators at about the same price zones, it is more likely to see a higher probability of a successful trade. For AUDUSD, i see a confluence of 2 technical buys. First, AUDUSD is trading within this green rising channel. This rising channel is a classic textbook pattern. Notice that AUDUSD very...
EURCAD ready to reverse EURCAD has broken below the support zone of 1.4060-90. This strong support zone has held nicely since the beginning of Feb. And of most importance, there are at least 5 touches in this red rectangular zone since Feb. With 5 or more touches, a breakdown of this zone is a strong bearish technical indication. If EURCAD rallies to re-test...
Long EURUSD for bullish bat harmonic pattern Long EURUSD 1.1130-40 SL 50pips TP 1.1250 ==== www.ForexPositive.com Twitter @ForexPositive ====
Clear and well defined pivotal support/resistance around 89.80-90.20. Sell when NZDJPY rallies to re-test this price zone. For a more precise entry, look to short around 90.20-30. This is the double top neckline & 61.8% FIB retracement. Short NZDJPY 90.20-30 SL 90.80 TP1 89.00 TP2 88.00 ===== www.ForexPositive.com Twitter @ForexPositive =====
A poorly constructed head and shoulders is also present on this bearish chart. Stop loss - Just above 0.236 fib - confluent with resistance Entry - Close below 0.382 fib and yellow rectangle Take profit - Bottom of green rectangle (immediate support) Over 1:3 Risk Reward on this trade.