Looking at the 4H time frame we have what looks like a symmetrical wedge forming.
If it breaks to the downside I am expecting a drop to the 118.25 level, if it breaks to the upside I am expecting it to hit the 126.20 area.
Looks like we should have a continuation to the downside with this pair.
These are my thoughts:
Overall trend is bearish
PA (price action) is under the 200ma on the D time frame
PA has moved quite a bit highter than the 20ma on the D time frame (insinuating a snap back)
PA is running into the .618 retracement ...
It appears that with PA bouncing inside the channel we have a long position forming. This also corresponds with some Elliott Wave theory but im not going to get into that right now.
It is already in somewhat of an uptrend if youlook back a year or so, I always like to take positions with the trend.
Fairly plain to see here if you follow my style at all. I love to trade breakouts.They are a high probability pattern, and being that human psycology drives all markets we knw that the pattern will continue to repeat itself. All we have to do is find them...
On the 4H price action has broken out from a wedge and ...
Price action has been consolidating in a wedge for nearly a year now on the D1 time frame. We are at a crutial area of support, it is either goint to bounce or breakout here as it tests the support level.
My gut tells me it is going long, a bounce off of the trend line.
PA has found a fairly well established trend line as resistance. In addition PA is below the 200sma which increases odds of a short position. As soon as PA breaks the small trend line to the downside I am going to open my short position.
I just got stopped out on this pair two days ago so I am proceeding with ...
We can clearly see PA is consolidating into a wedge pattern. It looks like it wants to pop to the upside. At the moment Im going to sit on the sidelines and wait for PA to give me a clear direction.
If it breaks above the 80.75 area it will continue close to 81.75 where there is a supply zone.
most of my trades ...
I have been over all bearish on the US economy for a while. This chart, I believe perfectly sums up how things will unfold. We are going to see some resistance near the 1800 mark, then I think we break below it.
We shall see.
I don't normally trade on the 1H time frame but I do see a nice wedge forming here. Given the overall trend is to the upside I am assuming this will break to the upside. Until price action gives me a reason to act I will wait patiently for the break out.
Again, on the daily time frame we see a nice wedge forming here. It appears to me a bit to early for the breakout which is making me lean toward a long position. In addition the 200sma is acting as support to PA. Seems to be a high probability long play here.
As always, risk management is crucial!!!
Looking at the daily time frame we can see there is a clear trend in action. I am trying to catch the meat of this move.
Im long from .6870 looking for the .7050 area for my t/p.
As always I will not be risking any more than 2%. Risk management is key!!!
Another wedge has formed with the EUR/CHF. The breakout has happened but I believe it has some room to go. Im long from 1.0917 and hoping to hit the 1.11 area. Keep it simple!!!
Risk management is the most important factor in trading. With the right method you don't always need to be correct.
Please send me any ...
Looking at the daily time frame we can see that price action has been in a down trend for a while now. PA (price action) has been ranging in a descending channel. PA is below the 200sma which is always key for short positions. It increases the odds of a successful trade. You can see from the risk reward on the ...
As you can see the USD/CAD has been in an uptrend for a while now. Looking at the daily time frame we can see a clear breakout and retest for a continuation to the downside. Ill be looking in the 1.2543 area for my target area.
We can clearly see an overall down trend on the GBP/NZD. Price action is in a somewhat of a descending channel, it is also below the 200sma & 20sma which make for great short positions. We can clearly see price action consolidating into a wedge. My overall bias is short obviously and as soon as it breaks the lower ...
It appears that price action is wanting to break the resistance level that previously acted as smaller channel in a descending wedge. If we see a confirmation we are taking a short position to the 120.7 area. If it confirms a bounce we are taking a long position and riding it back up to the 129 ish level.
On the daily time frame we can clearly see a down trend has formed. Price action has clearly hit a big level of resistance at the 132 area and has made clear its bearish sentiment. I think we can easily see a drop to the 126 level.
Be patient and always practice proper risk management.