The double bottom pattern consists of two lows around the same level of support and indicates a possible bullish reversal signal.
Price is also resting at a key level of support and resistance
Once those levels of support or resistance are broken, the supply and demand dynamics which produced them are shifted
Support is the amount of demand that is strong...
GBPUSD has traded into support prior to the USD Retail Sales data, which measures the total receipts for retail stores in the USA. Technically the pair is holding the 38.2% fibo level from the daily chart as support, and we anticipate a rebound into the recent highs at 1.3750.
The ENTRY/TP zones are your entries as well as your exits.
Everything above the current candlestick is resistance, you would treat every zone above as a sell/potential buy break.
Everything below the current candlestick is support, which you would then treat every zone below as a buy/potential sell break if it hits the pip rule.
More info on the strategy and...
How To Play The Chart Entries/Exits:
Buy at green support entry, if it breaks by -35 pips (count it out) then enter a sell and ride to TP1, 2 and 3. Trail stop at each TP which means place your stop loss in profit but with enough room to be able to continue the sell if it continues. Same thing at resistance, sell but if broken by 35 pips then enter the buy and...
USDCHF is trending to the downside proir to the USD Continuing Jobless claims, which measure the number of people applying for jobless claims on an ongoing basis. Technically the pair has broken the ascending trendline and we are anticipating downside into the 161.8% fibo extension.
AUDNZD is trending to the upside currently after RBNZ's rate decision to hold rates. Technically the pair has broken the bull flag to the upside and the RSI is bullish. We anticipate continued upside to 1.0530.
USDCAD is trading to the downside prior to the CAD Industrial Production Price data, which measures price changes for major commodities sold by Canadian manufactures. Technically the pair has broken the ascending support trendline, and is now at resistance.
AUDUSD is trending to the downside prior to the Fed's rate decision later today, which decides the interest rate in the USA. Technically the [air is holding a downtrend, and has given a retracement prior to the Fed decision, giving us a trade opportunity. The RSI has rejected above the 50% level.
EURNZD is trending to the upside prior to the NZD Westpac Consumer Survey data, which usually is based on a survey during which respondents rate their opinion on different issues concerning current and future economic conditions. Technically the pair is grinding to the upside, but is lagging behind gains made on EURAUD. We anticipate the pair to make gains and...
EURGBP is in a bearish structure prior to the German Producer Price Index data which measures the average changes in prices in the German primary markets. Technically the pair has a bearish structure and is currently ranging. We are looking to trade the pair into range support at 0.85110.
this trade has a GREAT Risk to reward ratio.... It is heading in a downward channel, it was broken multiple trend lines and is following a bearish pattern.
This is a great time to sell with a low risk to reward opportunity. Want trades like this daily? Simply follow me! :)
Eurusd is clearly in a downtrend... It is looking bearish and has broken multiple support levels.
The Trendlines that have been broken are indicating that its a sell.
Big profits to be made on this trade.... More to come, so make sure you follow me!
USDJPY is cycling to the downside and has made a retracement back into resistance prior to the USD Michigan Consumer Sentiment data, which measures Michigan Consumers conviction in the American economy's health. Technically the pair is testing the broken support trendline as resistance, and we anticipate a lower high to be formed here, following the recent lower low.
NZDUSD is trending to the downside currently, having broken below the key support zone following disappointing NZD Business PMI data, which presents business conditions in New Zealand. The Business PMI is an important indicator of the overall economic condition. A result that values above 50 signals appreciates (or is bullish) for the NZD, whereas a result that...
EURUSD is in a widening wedge pattern prior to the EUR Industrial Production data this evening, which measures the the volume of production of Industries such as factories and manufacturing. Technically the pair bounced from support two days ago, and we've seen daily candles form higher highs, despite closing down. The bearish widening wedge pattern is typically a...