Altho I'm long already from 1.17920 (Yellow line)
I will continue to hold my 140 pips profit into the coming week
I believe EURUSD will continue its bullish momentum
Firstly we have a Fib Retracement where the 61.8% level held as a support (1.1700)
We had numerous long wicks to the down side and not being able to break the FIB level
Reasons for this setup
we have been making lower lows (indication of down trend)
bounce of Fib level 50%
bounce of bearish trend line
there are numerous long wicks on the daily to the upside which could indicate more sellers in market and buying pressure drying up and every wick unable to make a new high (Daily chart)
5 wave move is evident as we have one...
Reasons for this trade
After the recent bullish run that started on 2017-05-10 we have taken out strong resistance at 0.78000 level
which has held since 2016 testing that area numerous times and being un able to break it
Now that level has been broken and we have made a new higher high and looks like we have made a Higher low (Signs of a bullish trend)
After recent side ways movement on the GBP , volume and buying pressure looks to be dying out altho we are still in a sideways market there are multiple signs pointing to a short pullback.
But bearing in mind going against the trend is risky and lower probability.
Reasons for this Trade
Clear break of trend line and retest and held as RES
After 148.00 level...
A lot of confluences on this short trade
To be more conservative wait for counter trend line break
1. RES at 0.9000
2. multiple rejections of 0.9000
3. Monthly trend line touch and held as RES
4. Previous area of reversal
And so on
only risk 1-2% per trade
Just like EUR/JPY this setup is clear and is making higher highs
we also got a bounce of the 0.618 FIB level time for a new high ?
Also id like to apologise for the very basic descriptions very busy just trying to get the setups out to everyone :)
Long term trade
Nice continuation setup
daily showing signs of bullish price action
broken key level and signs of a push higher :)
Many other reasons but keeping this one short
-Firstly as we can see on higher time frames we are down trending
-We have come to our key level at 0.75000 and shown a strong level of RES numerous times
-Also our Fibonacci Lines up perfectly with our key level which price has reacted to at 61.8% level
-Now the retrace is over we can look to go short !
-Also We are in a corrective structure !...
-Daily we have Had a nice up move now we have had a to a key level at 1.0000
-Also we have had 3 Dojis in a row
-Showing obvious Rejection from our key area at 1.0000
-On the lower time frame on the four hour we have had a rejection of a keyFIB level 0.618 level
-Also shown a rejection from 1.09500 which is in line with our Fib level and also a...
-We are clearly down trending
-We have broke key trend line
-We have had a retest and has rejected
-We have also broke previous Low
Also on the daily we closed and broke the trend line
Alot of momentum to the downside
-Firstly we have broken key trend line
-We have had an area of consolidation
-And now we are getting a impulse move to the downside
-We also broke constructive structure !
-So selling the impulse to the downside would be a good idea !
-Previous four hour candle was a engulfing that took out Almost a day worth of Price action !
-Altho this is a...
-Firstly we broke a key bearish trend line not to long ago
-As we can see from the MacD we have been making high swings as well confirmed with Price action
-This helps me believe that we will continue to see bullish momentum
-We Bounced of key level of support at 125
-We got a perfect swing point after the bounce on 125
-Also perfect bullish...
So as most of you already know it is March The 10Th Which is the date where The ECB come out and speak about Monetary easing, Inflation and Rate cut
What am i expecting ?
Well as a mainly technical trader it is in my job description as a full time trader to look at Both technical and fundamental in the market.
After heavy research into the Fundamental side...