Finally the ranging market shot up and broke out. Just waiting on a pullback and entry confirmation before a long opportunity.
EURUSD has been stuck in a ranging market for a long period of time, it would be great to see some sort of break either way, to look at high probability swing trades. If this doesn't happen and we continue to range I will look for intraday trades with a high risk to reward ratio.
After being in a ranging market for a long period of time, we are now seeing signs of an escape! The market looks like it has broken out towards the downside and may continue this move after a slight pullback.
As seen here GBPCHF broke previous support, came back up to retest the region, and is now continuing its move to the downside. If the daily close finishes as a bearish engulfing candle we could expect some drastic moves to the downside as of next week. The British pound is looking weak!
We may be looking into a shorting opportunity on GBPNZD, we are seeing multiple wick rejections from this area. I am expecting another retest before a move to the downside. We will only get involved if the price continues to respect this area. I will be monitoring candlestick formations,
Will the 4 hourly candle close above or below, who knows. Patience will tell us.
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Could we have seen a fake breakout? We have a trend line break showing a clear change in market direction. I want a pull back to previous structure before looking at potential shorting opportunities
Wait for a breakout out of this range then we can trade on the retest.
Long Entry unless the market breaks trend line and tests previous structure
Analysis giving me entry reasons, trades seems over extended
Perfect long entry idea at 0.382 fib retracement, which is also previous support zone. CAD is weak after bank rate cut(directly affecting oil) and euro seems to be staying strong.