Looking for potential long setup in GBPAUD.
1) Structure play: IF price came down to support zone (red zone), look for price action signal to go long.
2) Pattern play: IF price continue upward and reverse, potential bat pattern forming. To long at 88.6% retracement of XA leg.
Technical Outlook
EUR/CAD had a long rally followed by this down channel which cloud end up as a retracement if EURCAD went up.
There is a lot of structure at 1.43482 and there is a fibonacci 3.82 level close right at 1.42677.
I can't say now what this pair will do because it depends on oil prices and fundamentals, but i expect a short term rally when price...
Based On: Structure, Fibonacci levels, Channel, Stochastics, RSI, Momentum..
IF EUR/USD Reaches 1.3648. Economic Calendar events will effect this heavily, i am looking forward to a volatile day (TODAY:EUR Interest Rate, Decision, ECB Press Conference, US Nonfarm Payrolls, US Unemployment Rate, ISM Non-Manufacturing PMI ) If these events will be positive...
Yesterday I took a long entry on this what I find a nice structure trade setup. Market broke previous resistance
and then went into extreme oversold on the RSI right at previous resistance which now became new support. I bought next bar candle. Market leaped north and took out target 1 which was good for 16pips. I'm still in that trade and looking for a rally all...
Just realized there is a Cypher pattern and Gartley pattern completion at the same level (0.8740) in confluence with support level, so a great opportunity for making quick profits with target at 0.8771 and stops just a few pips below X and support level around 0.87228
Good luck!!
Based on Structure's and Fibonacci confluence, channel,...
If ADP Nonfarm Employment Change is better than expected and if Fed Chair Yellen Speach drives the pair up it could soon reach 0.89048 if these things don't drive up USDCHF it could still reach 0.89048 and then there would be a shorting opportunity.
Then ==> I will open a short position...
I am short on this pair, as it made a new lower high with almost an overbought condition on the RSI and the RSI showing divergence from previous high.
Target is the 127.2 extension and stops above previous high. At the target point, there will be an AB=CD pattern completed, so a good opportunity to go long there, but I would wait for price reaction on that zone...
As the underlying trend is bearish, we have an opportunity to jump on that trend and go short:
1) This pair ended the week on an oversold condition in a bearish trend, so we can expect it to go to the 0.5 retracement level from last swing down, which is in confluence with previous support, now resistance level.
2) We can go short from there with stops a bit...
Two possibilities on this pair for next week:
1) Price might form a double top right at major resistance level. This give us an opportunity to go short, but we have to be careful about our targets, as there is a support level around 1.7002
2) If price reaches lower levels, there is also a Shark pattern that would be complete at around 1.69625 with fibs...
Very nice Fibonacci cluster around the 0.85887 area between the last price swings. I think we might expect a reaction here, so it's a nice opportunity to go long with targets around 0.8684, as there is the next structure level.
Good luck guys!
Opportunity to go long at 0.84772 with confluence between 0.5 retracement of last swing and suppot zone. If price breaks that zone, there would be an opportunity for going short as price bounce from that support, now resistance level and continue the trend to the downside. So, whatever happens on Monday, it's important to have a trade plan.
Looking for this patterns to complete, as the Shark pattern already completed, got target 1 filled and target 2 waiting to be filled.
For the Bat and the Cypher, I look for possible targets at important structure levels, this gives me more confidence to move stops to BE one price reaches first structure/target.
Also, is good to know that between Bat's point D...
I think price will continue to go higher, at least until the 102.300 area. I wasn't convinced by the way price reacted to that resistance level, so I'm getting in at the touch of the support zone.
I'm watching a 0.618 structure breakout trade for a possible buy setup back up to 140.90.the Asian session managed to push back price up above major structure support indicating a correction move before the next bearish wave.
Here is a note to myself that I want to share of yesterdays trading setup on a bearish ABCD setup. I took this trade because I missed the hourly Cypher pattern that completed 2 days ago. The emotional part of trading is the most difficult part. Yesterday price touched and rejected T2 3 times. My trading plan allows me that when T2 has been hit I may exit the trade...
Made an aggressive entry this morning @0.8625 hoping this Cypher pattern to unfold... The double tops also suggest
a possible 2.618 setup for further proof downside. For now I need to see break and close below 0.8607
Although it is stated that I have a long bias, it is solely due to probabilities because this pair could get destroyed in the next weeks.
Higher lows on RSI seems to confirm that the pair wants to go up again (continuing 2013 uptrend) and that the consolidation we've been witnessing since the beginning of 2014 was only a pause in the longer-term trend.
If,...
