Look for quick profits here, we have a rising wedge on the hourly chart, this isn't likely to be a HUGE move but I think it'll be worth our time. Not to mention I like NZD weakness set ups on a few other pairs, namely NZDJPY and GBPNZD.
Pretty simple, we have two weekly pivots that haven't been touched below with a monthly pivot anticipated around .7020...
This may look like just a simple channel/trend line break out, which it is (think "no country for old men").
What makes this a great high probability set ups is the line up of multiple missed weekly pivot points.
Two ways to trade this:
1. short trend line break, have 70-80 pip stops above recent highs and target weekly pivot at 1.7520.
2. OR you can trade it...
This pair is at a crossroads, there's been Euro weakness as well as Aud weakness which makes this tricky but the set up is too good to pass over.
Above 1.4180 this gets slightly bullish but the real confirmation is above the larger trend line (falling wedge on daily chart). There's hundreds of pips if those highs don't hold.
Below trend lines and in the circles...
I posted two charts because I wanted to show how the the bigger picture is playing out and how to managed the more near term trades/entries.
As you can see on the chart below, the weekly chart has a 5 year old trend line that has broken, the market closed and opened above that trend line and has pulled back to retest.
The chart above shows a more near term...
I like euraud below 1.3880, I want 150 pips into the next support level at 1.3730 which is great symmetry.
Otherwise it's a pretty simple head and shoulders trade.
Jump in on the action, I'll update the chart as I go.
It's all laid out on the chart, head and shoulders on daily chart.
I want to see clearance of 1.080, looking for a move into 1.1000. Daily necklines can get choppy so caution there. Also we have US interest rate news this week so watch for USD activity.
I want to trade from 1.0800 break to 1.1000 target.
I posted a chart of a MASSIVE head and shoulders for this pair, that is almost been invalidated. Anyway it never confirmed so we didn't get an entry anyway.
Now we have a great looking range, we see GBP weakness continuing to hold, I want to see a break of the range low for 200-300 pips.
I will probably stay with selling the break of 1.2350, however I...
Nothing too special about this set up other than the 600-700 pips profit potential!
The EURNZD is top of the list as most volatile pairs in the solar system so be ready for a wild ride if you decide to follow along with this.
We have a massive falling wedge that's breaking out and it appears it's pretty confirmed.
BUY PULL BACKS.
For example, it's...
There's a great channel on this pair, I'm looking for a break of the channel and a 200 pip run either direction.
For now I'm watching 1.7200 support or 1.7475 resistance, both look great for a break and a 200 pip move.
Pretty simple, if the break happens I only want to stay in the trade if the break out holds, any moves back into the channel will invalidate the...
So far loving this set up, it goes nicely with the GBPCHF long term chart posted yesterday. The head and shoulder patterns on both of these look great, if these can play out 300-500 pips on both will be fairly easy to grab.
Conservative price projection puts a neckline break down to at least .7980 area, the neckline break out area is currently around .8350 so...
This is a great head and shoulders pattern, I am already long but I will be adding to this trade at some coming points.
I'm long at 1.2450, I will add to this trade and position at/above 1.2650 area, looking for a 100 pip run before hitting the neckline. After that I'll manage the trade as follows.
ENTRY: At the break of 1.2625-50 area I will add to my long...
This one isn't the most popular pair to trade. It gave a nice quick 35 pips last night on THIS TRADE CALL and I think we could see another good push down to the weekly pivot.
We have a possible head and shoulders forming, first off was the rising wedge now it's time for the right shoulder to form. One way or another I want to trade this to the weekly pivot, a...
Sorry for the "Mad Max" reference, such a great movie!
AUDUSD has one of the best ranges I've seen yet! it's just shy of 100 pips, if you're a range trader than feel free to take advantage on buying lows and selling highs of this 100 pip range, keep stops tight because when this breaks out it's going to be probably with some good momentum.
Once the range breaks,...
9950 is such a big level for USDCHF, if this holds we could see a nice bounce.
I highlighted what could be an inverted hammer (depending on how the daily candle closes) if we keep a bullish body to the candle, 9950 could be a major bounce level for a big move higher, with tight stops below 9950.
if 9950 doesn't hold I think the break lower...
The EURUSD is probably my favorite pair to love and hate, but there are clear levels to work with so let's do it.
1) there's a 55 pip range which will offer opportunities to buy and sell highs and lows. Ideally I'd like to short the range high, take partial profit at the low and allow a portion to run towards the weekly pivot. Likewise I'd like to buy the low...
There's some great profit potential here, however it's going to be a very tricky set up to take. Let me explain.
The gbpcad looks to be hunting out the upper missed monthly pivot at 1.6680. IF and only IF it hits that upper lever FIRST will I take the trade.
If 1.6680 is hit in the next few hours, I'll sell/short at that level targeting 1.6460. It's that...
On longer term time frames we can see that this is likely turning into an inverse head and shoulders, it's time to make that right shoulder, I want to sell that trend line break for the move into 7300 area which would make a good right shoulder.
The entry ideal situation is this:
sell trend line break
stops above the highs
target 1st missed weekly pivot/7300...
Last week I talked about this rising wedge, it flexed it's muscles and we have to expand the wedge a bit, but it's all still very much intact and I'm super anxious to get into this trade short.
Specifically for EURUSD there's ECB news on Thursday and Trump on Friday, sooooo.... I'm looking for end of week to trade this pattern.
Ideally I'd like to see: