Not much on the watchlist today.
CADJPY is the only pair that looks interesting.
Recently broke out of a 1H corrective structure and is currently sitting on top of resistance.
No entry as of yet but will wait for confirmation such as a bullish engulfing or a hammer to form before entry.
TP would be set at the highs set back in June.
Took a long on GCAD off of a 4H support zone after price showed signs of a slowing momentum at the 4H zone.
Confluences that influenced my long:
1) 4H support zone respected
2) OS on LTF charts
3) 1H bullish engulfing candle
Projected RR 1:2
Currently closed half the position at 1R with targets at previous level of structure/trendline support
After Friday's giant sell off, ECAD has started the week off trading correctively.
A possible short scenario can take place with price retesting a zone of S&R between 1.55543 and 1.55424.
2 plays are possible from this zone.
A more aggressive entry would be placing a limit order at this zone and a more conservative entry would be to wait for PA to provide...
Following the rally on EU, EJ has also shown a lot of bullishness the past week.
Towards the end of the week, we've seen signs of exaustion.
Signs of exhaustion:
1) 1H Double top pattern formed at significant level of resistance.
2) 1H TDI divergent and falling steeply.
3) 15M TDI in sell zone.
4) 15M price action trading under 50 EMA.
Entry criteria:
A break...
With the recent failure to push higher on EN, we've seen the 1H trendline break.
A short would be possible if we see a retest and rejection of previous structure around 1.72107.
My target would be at 1.71287.
UJ started the trading week under a support level during the Sunday evening session.
We saw an impulse move to the short side last week breaking below support between 104.208 and 104.146 and finding a bottom at 103.700.
My initial bias was short when price held 104.208 and 104.146 which also lined up with a 50% fib level.
Coming into Monday's trading session,...
EURNZD has been bullish and has currently bounced off of trendline support.
Price has currently broken out of a 1H corrective pattern with a 1H double bottom pattern off of trendline support.
Price is currently retesting the corrective structure's resistance and if price can hold above corrective structure, I will be looking to get long to the next zone of...
EU has shown bullish strength over the past week breaking highs set back in September.
Towards the end of the week, we've seen a bit of an exhaustion on the rally.
Signs of exhaustion:
1) Broken 1H trendline
2) Double top formed on the 15M
3) Broken support level on the 15M
4) Trading below 50 EMA on both 1H and 15M charts
5) Bearish divergence and OB on both...
GA has rejected the 4H TL resistance last week and is trading under support (highlighted in red).
On the 1H chart, price has broken an upward TL.
My idea:
A short from previous level of structure (1.81188) is possible. I'd consider this a break and retest entry.
Entry criteria:
Sell limit will be placed at 1.81188 with a 35 pip stop and a 120 pip...
GCAD saw a steep sell of during last Friday's trading session and has broken below a descending channel as well as a support level set around 1.71909.
With such a steep sell off, continuation could be possible if price shows a successful retest and rejection of previous support set at 1.71909.
My idea:
A short from 1.71909 could be possible with targets set at...
