On the EUR/USD 4HR time frame we have a lower low lower close, since then price action rallied into resistance which was once support providing us with a double top, first test RSI was extremely overbought as I have my settings at 80/20, conventional is at 70/30. On the second test, we have bearish divergence.
We can get involved in two ways:
Price still moving inside the channel. so we can expect another some downside movement.
best level to short is when price retesting yellow zone.
and best level to buy is when price create right shoulder on potential inverted head shoulders
The $USDCAD or The "Loonie" as it's called has been just that for me this year... Loonie. Due to the vast differences in overall trend direction based on what timeframe you're looking at, I've had a very difficult time getting a read on this pair & making any type of longer-term projection,
With that being said I do have a shorter-term projection on my radar &...
after some consolidation, price finally create double top and retesting blue structure which indicate a reversal movement.
in this setup we can look for short setup.
now price potentially create triangle pattern. But i think price will violate the double top before going down.
If price really tag the yellow structure and violate the double top, we can take a short...
I haven't had a lot of interest in the $EURUSD higher timeframes this year mainly because we've been dealing with an extended period of consolidation. In fact, all 3 of my trading opportunities have been pattern trades or short-term day trades on the hourly timeframe and lower.
Until we break out of our range & I get a clear idea of which way i believe the...
After yesterdays news/non-news which we call the FOMC statement. We've seen some of the USD pairs push lower. The push lower on the EURUSD as allowed price to complete what is called a Bullish Cypher Pattern
on yesterday candle price managed to break a strong level.
After a few days in the previous week the price failed to break this level and formed the wicks of the candle (see arrow)
at the moment the price is pulling back and retesting the SR level and this gives us a chance to buy.
SL will only be placed under the previous low daily candle.
the maximum target is...
on the previous analysis, we have inverted head and shoulders and targeting structure resistance.
and now we'll find another trade opportunity.
price is still under consolidation.
watch for breakout of red area.
if it's breakdown, will take sell on pullback.
if it's breakout, will...
Price reacting to a zone and rejecting the zone looking for a break and retest. We have a trend line obstruction that we’ll need to break through. This downward move comes from a rejection of a channel on the daily. The first move I see is the continuation downward until we get to the weekly zone which will be difficult to break through.
Price rejected our monthly disturbance zone @ 1.7850, accumulating mass amounts of buy orders.
A bearish engulfing candle with a long wick confirmed long term sells off the 1.7850 level.
Price broke beneath the monthly disturbance zone @ 1.66875, which was an incredibly strong level of support.
Price closed beneath the consolidation, confirming...
this is quite particular as a case study. Here on GBPCHF i've gone down to a lower timeframe because i was looking at the daily chart and i saw a double top with RSI divergence. Thus i went on the 4hr chart and looked for trading opportunities at the retest. Guess what i've found: another double bottom with again, RSI divergence at the second test. At...