Weekly candlestick closed outside trend line showing bearish outlook. Large pin bar formed on daily chart.
Previous weekly candlestick pierced through BB, showing a reversal sell signal. Daily bearish pin bar formed.
Potential Head & Shoulders Pattern on EURJPY forming. Enter on break of the neckline (yellow) If price makes a new high first, setup invalid.
USDJPY is trying to break above a bullish flag pattern, we can enter long targeting next resistance in anticipation of a continuation if it breaks. If price breaks back into the flag channel, it may invalidate the trade and need reassessment.
Potential bearish flag pattern setup on Gold after a leg down. Look for a break below the flag for continuation lower. If price breaks above, setup becomes invalid.
The Gold chart looks almost completely symmetrical at the moment and may continue, bringing savvy traders some golden opportunities when paired with the current commodity bear trend. Outside of that, look to significant support & resistance levels for entries and trade opportunities so you don't get chopped up in the middle.
Watch GBPJPY carefully this week for either a triple top formation or break higher.
EURAUD broke out of a bullish channel higher and may be forming a similar one before another leg up. Key levels to watch at the 50% and 61.8% Fibs (Fib Reversal Zone) + all trendlines.
EURGBP failed a breakout higher after testing resistance and is looking to go short towards the 200MA and 50%/61.8% Fib levels.
USDJPY is currently retesting its bullish breakout of its previous flag pattern. This pattern was structurally-bullish, so it is probable the retest will confirm a new wave higher. A potentially excellent long entry point at these levels if price can hold the retest, targeting next resistance. If the retest fails, we look towards the base of the double top to see...
GBPUSD is currently in a rising channel (usually a bearish structure) after just breaking above prior resistance. We expect a retest in the near future before it tests major resistance above. A break below the rising channel is a sell trigger.
GBPJPY is in a short-term uptrend (purple), however the overall structure is looking like a bearish flag pattern. We expect price to retest previous lows if the trendline breaks. In the short-term, we have a potential leg up back towards resistance with bounces from the 200MA (break of orange line). Some good risk:reward trades at the significant levels on the...
USDJPY is currently forming a bullish flag pattern and has created a minor higher low, rebounding off the 200MA twice. However, price within the flag is still technically in a downtrend until breakout. Nice risk:reward trade setups at levels of significance A breach of support may invalidate this structure ============================== ELEMONT FX Experienced...
AUDUSD is currently range trading with a bullish-biased structure. If the new higher-low holds, we may see a break beyond resistance and new highs. Great trading opportunities at levels of significance on the chart. ============================== ELEMONT FX Experienced Proprietary Traders ============================== FACEBOOK: goo.gl
GBPUSD broke a previous pennant and moved higher but is currently retracing, most likely to retest the former pennant Good risk:reward trades can be found at significant levels, remember to use confirmation ============================== ELEMONT FX Experienced Proprietary Traders ============================== FACEBOOK: goo.gl
EURGBP is currently ranging + broke below an uptrend + near resistance Excellent risk:reward short play near the range resistance, targeting a TP near the 0.618 fib level ============================== ELEMONT FX Experienced Proprietary Traders ============================== FACEBOOK: goo.gl
After the consolidation it is apparent that based on the established low to high followed by a higher low, that an uptrend has been established and a Long breakout will ensue.
Yesterday's candle close within previous candle range. I'm biased in trading long. 1. Inside day candle. 2. Currently on a demand zone resting above weekly significant support line. 3. Price has been consolidating bearishly. 1:3 risk reward for this trade.