Possible Longs if we get a double bottom confirmation with price action.
GBPJPY Forming Head & Shoulder Pattern
As my Bias are all for long would wait for the 4H structure shift with H&S pattern to complete and then go short on the retest of the neckline. It will be a short term sell then.
AUDUSD looks interesting for Buys as long as that area holds above
Another pair with CAD in it is GBPCAD. We might actually finished this wave-iv exactly at EMA-200 support which is a strong support. I tried buying this pair because it offer 1:5 RR ratio with only small stop loss. The last potential HnS pattern of this pair has been invalidated so i think we will see reversal to the upside. Buy GBPCAD 1.7370 Stop loss...
We might see further upside on this pair as it is very bullish right now. I am going to buy this pair as well because the fundamental direction of CAD and potential drop on oil. We might start another bullish wave to the upside because this wave-(v) gonna be an extension wave. Buy EURCAD 1.5030 Stop loss 1.4940 Take profit 1.5380 (3.8R) Use only 1-2% risk Good luck
Price currently on a nice resistance area. We might see some bounce from this resistance to complete this sideways correction. We might see 1 more downwards movement before price continue going up again. I will try selling EURAUD from this point. Sell EURAUD 1.5600 Stop loss 1.5680 Take profit 1.5280 (4R) Use only 1-2% risk Good luck
As you can see, price now at wave-iv. There is a possibility wave-iv will end at 0.7705-7700 which is the 50% fibonacci retracement of wave-iii. We might see one more upwards movement from AUDUSD before price declining once again. Buy AUDUSD 0.7705 Stop loss 0.7670 Take profit 0.7840 (3.8R) Use 1-2% risk only Good luck
Hello my friends, On April 9th i saw a potential double bottom of GBPUSD mirrorring XAUUSD chart movement. I posted about my buy position and stop loss. Two weeks later and price has reached our first take profit. For those who missed this chance, i am gonna share my second plan for buying GBPUSD. I think we will see some retracement first before continue...
As you can see we're on ABC correction after completing all 5 waves. The B is a triangle and we might see another 5 smaller waves to the downside. You could also see that pattern as descending triangle or bearish flag, it is up to you how you see it but it should be clear as bearish continuation pattern. Wait for price retrace around 86.70-75 before entering...
Overall trend bias- bullish Seeing a bullish rally from the 23.6. Potential retest and move towards the upside. Taking a long entry from here based on price action from the 1H TF. What do you think?
Overall trend bias-bullish Looking for long entries for this one Scenario 1- break-->retest-->long entry Scenario 2- rejection from support--> long entry Scenario 3- Break-->retest of resistance--> rejection from lower support level-->long entry Scenario 4- (unlikely scenario) but looking for a long entry from lowest support level rejection What do you think?
Waiting for a corrective move on this for possible buys
Possible short opportunity. But make sure to have a nice bearish price action as the daily HL have not been confirm with the clean break.