USDJPY has broken out from trading range of last 7 Days.
One can initiate long position around 111.85 with Stop Loss of 111.50 for Target of 112.35-112.50.
Bough the possibly* weekly false brake(*will see at weekly close) on the support of the trading range.
Very similar to my previous MOS trade, will link to it for reference.
Hoping for a push higher and if closing above 80 area, a possible upgtrend follow-through, surpassing MOS trade results.
From the Price Action, it is quite obvious that the
selling pressure is greater than buying pressure now.
Overall, we are bearish on USD/CNH
Here are 2 trading plans for you:
1. Wait for bearish signal to short
2. If price pull back higher to Resistance Zone,
wait for bearish signal to short :)
I looked closely at the zone at the bottom of the trading range, but felt it had traded at that price point for too long and ultimately dismissed it. I'm estimating that the Daily Demand will eventually be broken...
two buy set ups are shown. Trades are in for both.
Remember to manage your position, take your profit and add when its right.
if all goes well, enjoy the ride, highly likely we will need to fasten our seat belt with this one.
USDCHF continues to trade sideways for 2016. We've just had the US elections. Will this be a catalyst for a breakout of some quite frankly boring trading? (if you're a trend trader). I still maintain that we should see higher prices to come in the longer term. Whether that will happen now or perhaps the start of 2017 is anyone's guess..
Buy the reversal back to the trading range,
if strong follow-through continues,
then we want to see the break of range and pullback to range high,
then high potential for trend continuation.
If price retrace to 50/61.8 fibonacci, great opportunity to join bullish market, ideally among trend line (projection @50.0%), price likely to consolidate at 21.100.
Can the Cable finally recover from its free fall? The $GBPUSD reached the bottom of a weekly trading range.
We have an hourly pattern that may trigger the reversal. See this setup and more in this week's Weekly Markets Analysis newsletter:
http://marketzone.tumblr.com/post/109097309970/weekly-markets-analysis-only-one-central-bank-to
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