This pair is close to a breakout as can be seen by the uptrend wedge that I have drawn on the chart. Currently showing consolidation at the lower parallel trend line, and is failing to break the 50 EMA line despite the last few attempts. My analysis shows that this is a good setup for a long position.
Short Term
We could have a bounce to test the trendline around 1245-50 area in the next 2-3 days and then we can head towards the DCL around 1200-1180 area which is the 61.80% retracement from the December lows. This also means we could form a H&S pattern which once broken it could fall further around 3.5%, the same extension from the neckline to the the 27h...
Gold failed to bounce as i expected and extended its slide to close below the trend line support from 1120 low. This break below the trend line shows the possibility that downside move can extend further towards 1210-1190-1175 area. While the resistance at 1236-1240 looks strong for the moment.
Classic trend line TA. NFLX looks pretty over bought on higher timeframes, this looks like it needs to sell off a bit. Stop at 145, Short term target 132.
Short positions only now for this pair.
Confluences
Weekly Bearish Pin Bar
H4 50% retracement
H4 Tweezer Tops
H4 MA Cross
H4 Trendline Bounce
H4 Inside Bar Rejection
Uptrend Trendline Break & Retest
DISCLAIMER: Hi everyone, I'm new to trading and 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".
Alright guys check out this trend break. Lets wait for confirmation on the end of the uptrend. Maybe it will hit a side trend....
Short term consolidation
Downtrend breakout
Possible breakout triangle
This is my general outlook on the pair.
Will be looking for a nice reward risk setup during the upcoming week.
We are currently at the top of a key trend line/resistance within a triangle, we have already passed the key fib levels that would lead to a retracement and possibly a sell opportunity. There is also major hidden divergence that could suggest a strong continuation out of the trendline. However, this needs to be supported by a strong candle close outside of the...
Price has gone up to 2352 and formed resistance. We are now at minor 2340 and holding. Price may go down to 2329 and hold as support if we break the trendline. Otherwise look for price to retest 2352 area.
Price has gone up to the WL1. Look for possible pullback to 2330 area before going higher. The angle of this move is very high, so look for the trendline to sustain this energy.
