We can see that the pair has broken through a previous Major level of Structure, yet it was not able to close above it. Instead it came back down and closed beneath which makes me believe that a decent correction is in the making and that the bulls have lost some momentum. TRADE SAFE AND DO YOUR DUE DILIGENCE BEFORE ENTERING A TRADE.
The Aussie has been one of the stronger currencies recently and after the positive figure of Retail Sales earlier on today we can expect some further strength which is why I'm considering a long position after the break of the Yellow trendline. TRADE SAFE AND DO YOUR DUE DILIGENCE BEFORE ENTERING A TRADE.
All the details are displayed on the chart DO YOUR OWN DUE DILIGENCE BEFORE TAKING THE TRADE.
Whether we like it or not we're playing the game of the banks. It's their market and they'll do whatever they can to make the most out of it, so what a better way to play the game other than riding the waves with them? :) . After all if I'm not mistaken 10 of the major banks of the world control well over 50% of the total volume traded in FX so you better be on...
Price nearing the top of a descending channel. Would suggest waiting for a clear bearish signal before entering. Details are displayed on the chart *DO YOUR OWN DUE DILIGENCE BEFORE ENTERING THE TRADE. NOT A TRADING SIGNAL.
Obviously waiting for a clear signal before entering, as this is a counter-trend trade and carries a higher level of risk. However there's a big number of correlating factors. *DO YOUR OWN DUE DILIGENCE BEFORE ENTERING THE TRADE. THIS IS NOT A TRADING SIGNAL
Bringing order into chaos
Looks like we have a valid bearish continuation pattern, and even though the trendline (light blue) has been broken I still don't feel like hopping on the trade, as we have a major level of Key Daily Structure just beneath. Therefore I prefer waiting for that level to break, retest it (by bouncing of the S1 daily PP) and then enter to get a better entry...
-My whole reasoning behind this trade is described on the chart -Stops below Demand zone *DO YOUR OWN DUE DILIGENCE BEFORE ENTERING THE TRADE, THIS IS NOT A TRADING SIGNAL.
1) Waiting for the break of the neckline (which happens to be KEY STRUCTURE) then shorting as displayed on the chart
Reasoning: 1) Confluence of Harmonic Patterns on Key Structure 2) Bearish RSI Divergence 3) Double Top.. ? * Do your own due diligence before entering the trade
Looks like after a long imprulse the bears managed to retrace up to 50% - the bulls now are trying to recover from the bear impulse but with not much strength as it seems so we could be heading to the downside
TPs Displayed on the chart STOPS above X *Trade at your own discretion
Reasons for Short: 1) Bear Shark 2) Rising Wedge 3)RSI Bearish Divergence
1) Huge upward move generated by ECB's Mario Draghi - the bulls will want to cash out profits now therefore this should push the price back down 2) RSI heavily overbought on multiple time frames
1) A double Top formed which leads me into thinking that the pair will probably start moving donwards towards point D where the Gartley pattern completes 2) TP @ 38.2 + 61.8 3) Stops below X
1) It still has some way to go imo 2) 1 entry w/ TP @ 61.8%
Potential pattern 1) TP1 @ 38.2:% 2) TP2 @ 61.8% 3) STOPS ABOVE X