USD/JPY is nearing a zone that could provide a good short opportunity
-Price action is approaching resistance from a multi-month trend line that goes back to February.
-As shown on the chart, there a previous structure zone where support turned into resistance.
-The MACD and RSI is showing bearish divergence, with both reaching lower highs while price action hit...
Erickson Inc set up for a swing trade. Reasons shown on the chart, but several other reasons are also the RSI is gaining strength, CCI has moved up over 0, and MACD is showing a buy signal.
EUR USD Long
Break of the 50 EMA, bounce of the pivot point, stron bullish engulfing.
MACD crossing over the 0 line
Trade with care - upcoming brexit likely to play a strong part in the volatility on this pair
TP1 at R2 and TP2 below R3 but still requiring price to make a higher high.
0.5% on each TP
1:2 risk reward
I love a nice long hightest like this esepcially after clsoing below its open. Really nice all around. Looking for a quick 2:1 on this one.
- Hightest candle on psychological resistance (0.7500)
- Double top pattern
- Strong MACD divergence on 4hr
- With trend
NZDUSD is set up for a double top at this moment.
If the price crosses .71024 area, it will most likely begin a multi-day downtrend if it can break through the support levels around .69231.
If price is able to stay within the channel and eventually cross over .71293 resistance level, NZDUSD may remain in uptrend mode.
I am going short if:
- price crosses...
I am staying well out of any trades this week as i am expecting the market to be extremely volatile with the anticipation of the EU referendum. However this is just an idea that it appears traders are taking the position that they expect the UK to stay in the EU as the Euro declines as the GBP grows in strength. Stochastic/MACD/RSI all show a strong correlation...
PRICE ACTION TRADING.
STEP THIRTEEN
Find a supply and demand zone.
STEP FOURTEEN
Find a PINBAR at demand or supply zone.
STEP FIFTEEN
Add RSI 7 Close on your chart, and check if it is above or below 70,30 zone. ( Overbought or Oversold )
PRACTICE,PRACTICE,PRACTICE AND PRACTICE
SEE YOU AT NEXT VOLUME !!
PRICE ACTION TRADING.
STEP SIXTEEN
Find a supply and demand zone.
STEP SEVENTEEN
Find a PINBAR at demand or supply zone.
STEP EIGHTEEN
Add RSI 7 Close on your chart, and check if it is above or below 70,30 zone. ( Overbought or Oversold )
STEP NINETEEN
Check for round numbers 1000,1100,1200,1300,1400,1500
STEP TWENTY
Check the MACD indicator...
High test of .7500 being rejected, bearish momentum away, another high test on the previous 4HR candle.
Looking at the FIB retracement down to 0.618 - although price still has S1 and S2 pivot point to break through.
the MACD is breaking below the 0 line and RSI shows room to sell down coming off the recent over buying.
Got some news coming up to trade...
This pair is looking bearish after a second retest of support. Will watch to see if a breakout occurs. Will enter trade at around 81.750 and look for first TP of around 80.500. Confirmation from MACD and Stochastics are showing bearish signs too.
So after yesterday's pullback from the highs, I believe it has a long way to go yet before we see some price stability.
Here are a my reasons.
1. MACD showing crossover.
2. Close below upward trending line.
3. Extremely low volatility which may lead to spike in volatility as price picks up rocks on its roll down.
5. Not oversold.
6. Price bounding off...
PROS
- Low test candle formation.
- Rejection of both horizontal support and a downward sloping trendline.
- Price sat between 0.5 & 0.618 Fib retracement.
- Bullish MACD Divergence
- Oversold on Stoch RSI
CONS
- Trading against the trend.
- Trading towards key EMA's.
Thoughts on this position?
