Close of price as a high test bar below a tested level (at ~1.1050) in conjunction with the 8 ema resistance and an apparent "kiss of the trend line" after a break below close below prompts an aggressive set up to the short side with at least a 1:1 reward-risk profile. entry - below low of high test bar stop loss - above high of high test bar target - at...
- aggressive down trend (price trending below 8 ema) - close as a high test bar after: - retest of level after break (1.0800) - retest of 8 ema - 0.382 Fibonacci level rejection and close below entry - below low of high test bar stop loss - above high of high test bar target - next support area/1.272 Fibonacci extension at ~1.0530
Rationale for taking a short trade on GBP/USD - down trend (lower highs and lower lows) - price pulled back into a previous level at 1.5500 and 200 ema, and closed below both thus encountering resistance - an inside bar formed just below this level of resistance - in its pull back, price also found trend line resistance (4th retest) and closed below - oscillator...
After breaking below the 2.55 price area recent price action is seen to pull back into and retest it showing signs of potential downward continuation. This price level is in very close proximity to the 20 ema and the 0.382 Fibonacci level. A bearish reversal bar thrusting off of this bundled rejection region is an offering of a short entry to resume to the...
Yesterday's upper movement failed to cut through its EMAs, disabling any further movement that would break the consolidation it is going through, it has been a week. Breaching 44.33 will send Oil south to 40.26, with 42.71 as a primary objective. Breaking through 45.85 will send Oil towards be sent towards 46.36, which breaching will induce a rally with 51.54 as...
Oil rejected the pennant, as it has breached 44.85, though the main slope was a bit high. Yesterday's upper failed to cut through its EMAs, which suggest the trend to be bearish. Breaching 44.33 will send Oil south to 40.26, with 42.71 as a primary objective. Only by breaking through its EMAs, Oil would be sent towards 46.21, which breaching will induce a rally...
Oil seems to have rejected the pennant, it cut through 44.85, which will send Oil back to 40.26, with 42.71 as a primary objective. Only by breaking through its EMAs, Oil will be sent towards 46.65, which breaching will induce a rally with 51.54 as an objective. The EMA10 is cutting the EMA20, which suggest the trend to becoming bearish. Volatility was low...
Oil attempted to reject the Pennant yestarday, but withdrew to around its EMAs, which it has failed to breach. Breaching its EMAs will send it back to the upper side of the Pennant, with 46.27 as an objective. Failing to cut through its EMAs, will prove that the rejection scenario is valid, and will send Oil south to 40.26, with 42.71 as a primary objective. ...
Another short set up on AUDUSD since downward momentum on the previous set up (idea linked) failed is on offer. The present set up comes after a deeper pull back, organic in a sense, into the 50 ema which also lines up with a previous level of support (~0.7250), now acting as resistance, and the 0.618 FIbonacci level. Price closed as a high test bar. Oscillator...
On the S&P 500 and NASDAQ100 indices, closing as a high test bar in the resistance zone, and a bearish engulfing bar on the FTSE100 (UK100) stock index, a sell setup is in order suggesting potential bearish continuation on these three (CFD) indices, following the recent sell off on major indices. 1. S&P 500 The rejection/resistance zone on the S&P 500 comprises...
Taking a long position based on: - bullish/reversal bar - support at ~ 3040, a weekly level; - 200 ema rejection - Fibonacci cluser: -- 0.382 Fibonacci level rejection and close above on weekly time frame -- 50% retracement and close above (2nd swing low to recent high) entry - above high of reversal bar stop loss - below low of reversal bar target -...
Although the retracement/pullback on this pair is quite shallow my reasons for taking a long position are: - Bullish/reversal bar following 2 seller bars - Support at 1.3100 with close above - 8 ema rejection/support and close above - 0.382 Fibonacci level rejection and close above - Stochastic and RSI convergence entry - above high of low test bar stop loss -...
Reasons to short USD/NZD: - high test bar close - 20 ema rejection and close below - resistance (~6700) - downward trend line rejection (third bounce) - 0.786 Fibonacci level rejection and close below - Stochastic and RSI hidden bearish divergence entry - below low of high test bar stop loss - above high of high test bar target - previous swing low or lower
With the following noted a long scenario appears to be in play: - bullish reversal bar (near resemblance to bullish pin bar/low test bar) - resistance becomes support (at ~2.3260 which stands out as a weekly level dating back to November 2009 ) - retest of 20 ema and close above - trend line support (third touch) - Rejection of 0.618 Fibonacci level and 50%...
Looking at the following to sell EUR/USD: - inside bar - 50 ema rejection - resistance at @1.1100 - Fibonacci cluster: - 0.786 Fibonacci level rejection from previous swing high to swing low and closes below - 50% retracement between first swing high at the top of the trend line and closes below - trend line rejection - Stochastic and RSI convergence entry -...
Using the following to back a short entry on EUR/GBP on the daily chart: - inside bar - resistance at ~0.7120 - mother candle rejects: - 50 ema and closes below - 0.786 Fibonacci level and closes below - Fibonacci cluster - falling trend line for the 4th time closing within the downward trend channel - Stochastic hidden bearish divergence (comparison of...
Although looking a bit choppy, the bigger picture on Gold still shows an uptrend with higher highs and higher lows. Price has touched the floor at ~1180 and rejected the trend line for a third time giving a bullish engulfing and doji bar yesterday, together with rejecting the 0.786 Fibonacci level and closing above it. Stochastic and RSI are in convergence and are...