Zones
USD/CAD - Pair Analysis - 1HRUSD/CAD - Trying to apply some new techniques learned from the Trading Academy.
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#ApplyingthePrinciples
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Question: What could price do at its current level.
Key Point: Look for an area of retracement
Trading Journal Entry #3
- Austin S.
AUDJPY MarkUpThis is my AUDJPY markup that I'll follow 'til 5.10.19. Levels are color coded so there's no confusion since I utilize multiple time frames. I react to levels, so I patiently wait to see certain things take place in the market. *DISCLAIMER* THESE ARE JUST MY HUMBLE OPINIONS, NOT TRADING ADVICE.
USDJPY Mark-Up for Support & Resistance FX:USDJPY
I’m learning how to color code support and resistance from a Master Trader, BL. This is my first chart mark-up. Support & Resistance color codes are as follows:
Monthly: Black (from 1/1/2016)
Weekly: Yellow
Daily: Red
4 Hour: Green
1 Hour: Orange
15 OANDA:USDJPY Min: Purple
GBPUSD: Go Long!Daily timeframe analysis:
- Price seems to be respecting the upward trendline and forming an elliott wave pattern
- Price has bounced off of the 0.382 fib level retracement
H1 & H4 timeframes:
- Price has broken the trendline and seems to be continuing down
I like to look at the higher timeframes to get a bigger picture of the trend, market patterns and price action.
As always; wait for confirmation candle...
GBPUSD (more detailed analysis)FX:GBPUSD
W1:
We were in an uptrend (red trendline )
which we broke and now acts as a resistance level
D1:
Again we were in an uptrend (orange line) ..again broken acting now as resistance
We also have a descending triangle which is about to break
and a DOUBLE TOP pattern (still neckline not broken)
H4:
We have a triple top (at the above green zone)
Price is currently ranging between the 2 green zones (top & bottom)
So if price breaks down (the bottom green zone) ...we will have a very big shorting opportunity with a lot of pips to be made (of course after a retest of the zone)
if it doesn't...then we buy and set our TP at the above green zone (tested 3 times & trendline confluent zone) FX:GBPUSD
USDJPY short W1:
We are in an impulsive move after the retracement of an uptrend
D1:
We have an inverted H&S at a psychological level (112.00)
which is also a strong Sup/Rez zone
H4:
We can clearly see a couple of Shooting stars/Hanging man candlesticks
which mean that price is retesting the zone but never closing above it
So my view is that price will go down till Fib 61.80% level
which is also a previous support zone
plus keeping in mind that it is a confluent zone between: (a lot of confluence)
-Fib 61.80%
-D1 trendline
-W1 trendline
-previously tested support zone
USDJPY SELL based on FIB and ZONESJoin Kingstreet Forex Academy and be part of a family of Traders creating financial freedom through Forex. Gain access to free daily signals and webinars. We breakdown current market week after week giving you the best opportunities to generate an extra source of income through forex! t.me






















