TP = 9.2050 hit as EURHKD moved sideways before the Channel Down selling pressure pushed the price lower. The pair is still being traded within a long term 1W Channel Down (RSI = 41.770, MACD = -0.084, B/BP = -0.2478) with the neutral Highs/Lows = 0 suggesting that a Lower High has been priced. As you see on the chart that value was probably yesterday's 9.1235...
The previous TP = 9.23060 has been hit as the 4H Channel Up peaked just above 9.25000. EURHKD is now trading within a 1D Rectangle (RSI = 46.757, STOCH = 50.624, ADX = 26.644, Williams = -54.225, Highs/Lows = 0.0000). We will be performing scalp trading on the tight bands of this Rectangle with the first trade a long (TP = 9.2050).
EURHKD is on a 4H Channel Up (RSI = 59.981, Highs/Lows = 0.0108, B/BP = 0.0243) but was yesterday rejected off a possible Double Top event, so bullish break-out confirmation is needed. Adding buy position with TP 9.23060.
I am looking at a possible inverse H&S forming on the EURHKD daily chart. In the chart I have outlined what I anticipate to happen in the coming days and also my preferred buy point.
Not a recommendation. Just thinking aloud.
This pair is looking to test lower levels.
Entry - 9.6210
Take Profit - 9.5650
Stop Loss - 9.7100
This is for entertainment purposes only. You can lose all your $$$ trading so enjoy watching traders getting it right or wrong instead. Let's see how this plays out.
Trading method: RSADVANTAGE Stage 5 system setup 95% accurate system manually forward tested over 3 years designed to stay out of ranging markets and only target strong trends. In this situation we are now waiting for Awesome Osci to go into negative territory for trade entry confirmation for movement to the downside. Market execution for entry, confirmation will...
Just as with EUR/USD, the pair doesn't want to fall. We can see on the weekly chart a continuation pattern unfolding same as the one on the 8 hour timeframe.
If it keeps this level and support, then an upward move is inevitable as the long term trend with Euro from we can see on the Weekly chart and Monthly is long.
I would suggest to wait for more confirmation,...