USDJPY has created a double bottom on 4hr chart. MACD indicator also has a bullish divergence. A long position is recommended. Trade plan: - Buy at market. - Target 106.00 and 107.50 - Stop loss 103.50 Stay Tuned.
Gold seems like being in a short term correction after touching 1315- two year high. A short is recommend if price has a break out of the triangle and the internal trend line. MACD indicator also has a bearish divergence. Support is the yellow areas which coincides with 50% Fibo Retrace from 1199 to 1315. Trade plan: - Sell stop @1277. - Take profit @1260. After...
USDCAD has bounced back from 1.2700 support level as expected. In fact, it has created a double bottom at that support area, and now is trading at 1.28500 A long is recommended at market price or at a lower level such as 1.2800 Stop loss under 1.2750 Two targets for taking profit: 1.3000 and 1.3200
As I mentioned in my second part about shorting gold, I would look for some kind of reversal pattern on the daily chart to confirm my trade. Now the pattern has unfolded in both daily chart and 4hr chart. In the daily chart, gold made a spinning top candlestick yesterday which indicates some kind of trend reversal. However I have found a pattern on the 4hr chart...
AUDUSD has created a double bottom at 0.7330 level. A long is recommended when price pulls back to support level (the yellow areas) Trade Plan: - Buy limit @0.7390 - Stop loss under 0.7330 - Take profit @0.7600.
USDJPY has consolidated in a wedge. Divergence is spotted on both MACD and RSI indicators. A break out of the wedge is due. Price is at support level. A long is recommend at support level or after price breaks out of the wedge. Trade plan: - Buy limit @105.50 - Stop loss @105.00 - Take profit @108.00 Stay Tuned.
If you follow my idea about shorting gold, it could be the moment to pull the trigger now. If you do not have a chance to read part 1, check out my profile and look for my older posts. In this part 2 I will show you some more evidence why we want to pull the short on gold. Let's take a look at the chart where I compare Gold chart with USD Index DXY chart. As you...
GBPCHF has been in a bearish trend dropping from 1.4605 to a low at 1.3863. Looking at the 4hr chart, we can see an opportunity to long a counter trend for this pair. We spot a bullish divergence on the 4hr chart. Plus there is candlestick pattern called morning star at the recent low that could signal a short term bottom. There is a downtrend line that once price...
If you follow my idea about shorting gold from a monthly reversal perspective, then now it is time to prepare for the setup. But first let me explain why we short gold. You might wanna read this post first. Anyways, take a look at the weekly chart above. As you can see, gold has made a higher high (HH) at 1303 but then followed by a lower low (LL) at 1200....
Le'ts take a look at the Soybean Futures market by examining its 2hr chart. What do we see: - Price has consolidated in a descending triangle. - Support @1130 running flat - Resistance is the downtrend line. - A break out of either way will tell us about its next going direction. A descending triangle is usually a continuation pattern so here the upside is...
Take a look at this 4hr chart of AUDUSD. What do we see: - Break out of downtrend line. - Bullish divergence - Support @0.7300 (Yellow areas) - FIBO Retrace 23.6% - Resistance @0.7500 (Red areas) - FIBO Retrace 50.0% Wait for pull back @0.7300. Set a buy limit @0.7310. Stop loss under 0.7240. Take profit @0.7500 Stay Tuned.
The pair USDCAD has formed a head and shoulders pattern on the 4h chart. 1.3000 area seem like strong resistance while 1.2700 will provide good support. The price has broken the support trend line, also acts as the neckline of the head and shoulders pattern. A short is recommended once price will retest the neckline and resistance @1.3000 with a stop loss...