the pair has been in an up trend for a long time and now the MACD is giving signals of the trend that its losing momentum and the force of a pullback is so strong for the buyers to hold on. On H4 the MACD is crossing over signaling a signal and on D1 the MACD is crossing over again that signals the change of a trend the pair might drop even further than the target...
If you look from the support of the trendline the pair has been going up to make higher highs and forming a resistance and on those resistance when it came back to support of the trendline it came with a form of a flag and every breakout of the flag it moved higher
I think this is one of those trades that does not need much explanation. The chart says it all.
We are seeing a series of Higher Highs and Higher Lows and the pair has just broken the latest Higher Low so we are expecting ....... (drum beats)...... a HIGHER HIGH TAAAACHAAAAANNNN!!!!
Also, as expected, all our indicators are bullish because the pair has been...
Previous trade (long) exited in big profit. Let's leverage that on the way down.
TD9 setup with a bearish yume twist.
EDIT: the stops I post are just suggestions for emergency SL. typically when I am sitting at the PC I don't run stop loss preferring to...
The pair will continue to move higher in the following days after it broke out from a major resistance line. Donald Trump became the fourth president impeached by the US Congress and the second to dodge it. The House of Representative impeached President Trump last December 18 on grounds of abuse of power and obstruction of congress. This was after his solicited...
We can see that USDHUF has been doing a series of rallies and pullbacks on the Daily chart. Momentum is very bullish. If the price breaks the previous highs I expect the momentum to continue and mark another leg up. From a R:R point of view is a very interesting trade.
We can see that more clear on the 4H chart :
WE ARE IN THE BEGINNING OF "WAVE B" AS PER ELLIOTT WAVE PRINCIPLE, WE WILL WAIT FOR A RETRACEMENT OF "WAVE B" TO 61.80% OF WAVE A, AND THEN GO FOR A SELL TRADE TO A PRICE APPROXIMATELY OF 298.60 LEVEL.
After a long race uphill on USDHUF, finally price made its way to a negative interest of buy orders and decided to narrow lower and lower until breaking out of its well respected channel. Entry idea would be to wait for both the finish of the breakout impulse and wait patiently for price to retrace properly before entering short for optimal risk-reward.