Midterm forecast:
.There is no trend in the market and the price is in a range bound, but we forecast a downtrend wave below 117.00 would begin in Midterm.
.Price may also reach 117.00, if price reaches this level, we may enter by Daily-Trading-Opportunities.
.We will close our open trades, if the Midterm level 117.00 is broken.
Trading suggestion:
.We have...
Price in a steady downtrend, making lower lows & lower highs. Price testing previous support now resistance, where I will watch for a reversal candlestick for entry down to support & potentially lower..
Yen has broke out from is downward trend past few weeks ago and now is hitting immediate resistances in the following days. The pullback to retest the ending diagonal breakout should provide ample opportunities to short Yen until hitting support of the breakout area and from there going long Yen to ride the new trend created. I wouldn't recommend shorting Yen...
SGDJPY tested Weekly demand, proved there are unfilled long orders left on the table.
Limit order triggered 6 hours ago. Just posting this now for post analysis and progress tracking.
Going for only 3R target.
If you are applying Supply & Demand methodology in your trading plan, or mere interest,
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Price is hovering around the upward support trend line formed on the 1hr time frame offering a good entry if the trend were to continue and after doing some analysis, I also noticed a bullish bat pattern form in the 15m chart which is also a bullish indicator. I'm long on the pair with initial targets highlighted in green.
The Singapore Dollar is moving lower against the Japanese Yen in a channel down. This movement south began on February 2 when the pair bounced off the upper boundary of a more senior channel down.
The rate has failed to breach the combined support of the weekly S1 and the 38.20% Fibo retracement at 80.83, thus diminishing its trading range within the junior...
Counter trendline broken, now waiting for a break & retest of the supply level for entry. Price bounced off its weekly ascending trendline as well. Price forming a new trendline now, & should continue to the upside after rejecting key level support.
D1 - Price reached uptrend line, hidden bullish divergence formed.
H4 - Bullish divergence.
H1 - Multiple false breaks, alternative trend line false break, bullish divergence. The price has broken above the downtrend line and also it has currently broken above the middle point at 115.186.
We can now join the bulls aiming the price to reach the target zones...
Rising channel since April-2017 till beg-2018.
STOP LOSS : 84.367
TAKE PROFIT : 77.189
Risk-reward : 1.35
Longer term trend: Bearish
Current trend: Bullish
General comments:
A bearish break of a rising channel, indicates a further bearish movement ahead.
What I like:
1) the major support/resistance area exists near the 50% retracement of the huge...
The Swiss Franc has been trading in an ascending channel against the Japanese Yen after hitting the lower boundary of a dominant channel on January 10. However, the rally was stopped by the monthly pivot point at 118.64.
After reaching the monthly high at 118.64, the currency pair has been trading in a channel down.
The dominance of bears over the currency...
CHFJPY looking good to entry short, looking at the ascending triangle price has been respecting the horizontal lines perfectly and now it's time to break to the downside of the triangle. Looking at news on the JPY as a catalyst of this breakout.
Goodluck!
