DISCLAIMER: Hi everyone, this is just a log book for me on applying everything that I have learned and continue to learn as I go along. That being said, I do not advise you to base your trading on these "ideas". Good day to all! I took a week off last week but it affected me badly. Since no anaysis was done, I thought I could just jump into the market but I was...
Price has been bearish since the attempt to break the resistance.
Price has rebounded in the resistance level.. A double top pattern is starting to appear.
NZD/JPY overall downside movement. This just looks like corrective structure to the upside. We are in wave B of the ABC structure. Currently in the structure of a bearish flag. Wait for breakout before entering a sell trade. Trade safe traders.
Here we are looking at bigger picture on GBP/AUD We can see that this might be a long term sell trade, due to the fact that it recently bounced from a strong resistance point. Furthermore, we are also looking to complete an ABC pattern which would mean that the market would have to go down. Be careful though, it could form a short term long trade as it may retest...
Price has rebounded in resistance marked yesterday. Expect more backtracking, or a new attempt to break.
Price rebounds again in the resistance, after several days in which it tried to break it.
Price has had strong bullish days, which reached a level of resistance, but a candle of indecision signals a possible bearish rebound in this level.
A red candle greater than that observed in previous days, the price is not able to make yet another attempt to break the resistance, a MACD that begins to show weakening. They are signals that can indicate a beginning of laterality in the price or even beginnings of a return towards the marked support.
The price was close to reaching marked resistance, taking a break is these last two days, this indicates a possible exhaustion, so we must be prepared for a further decline in price, although we do not rule out the possibility of a new approach to the resistance.
aussie/dollar rejecting key level now, possible short trade now or price can go further up to test the (potential) trendline and key level 0.7512
The price has touched the resistance and bounced on this first candle. Wait for a possible new attempt to achieve resistance. Be aware recoil
Looks to maintain the 2016 upward momentum
Double top forming, currently under weekly resistance 1.3513. First target is monthly support at 1.3252, if it breaks it 1.3003 is next target.
NZDCAD rejection a potential trendline on the bigger timeframe, tests it for the second time, market closed with a strong bearish candle on the 15M chart. When we see more bearish momentum showing up we can take it short to 0.9421. Decrease risk because of this strong 0.9454 level between entry and target. If it completes this pattern it's an double top pattern too.
A beginning downtrend started a few days ago, price broke through and bigger timeframe key level (red line), we see the first retest of the line. The idea is to get a second retest to the line and then break through the countertrend. Target would be the next key level 1.4111. I will update this idea when price moves