Blackwood_fx

Blackwood_fx

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 trend line I'm going short. With that being said...

Blackwood_fx

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. Always practice proper risk management, if you don't know...

Blackwood_fx

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.

Blackwood_fx

Looks like we have a breakout of some consolidation which leaves me to believe we can reach the 174.50 area.

Blackwood_fx

Looking like we have a long position forming. On the daily time frame we can see a long flag pattern forming. We could potentialy see a bearish movement to a key support level of around 1.0800 but unlikely to break that. Ill be watching carefully around the 1.1000 area where we see the TL to ensure we dont see a bounce. We almost have a 2:1 risk reward on this...

Blackwood_fx

Looking on the daily time frame we can see there is a clear trend line. After waiting a while for price action to come down I now think its time to go long. I'm going to hold my position until the .7500 level. There I think we will see some resistance and a pull back. Setting stop loss around .7050 area. Signal service is available. Let me know! Thanks

Blackwood_fx

In my last post I was monitoring a potential wedge pattern forming on the 4h time frame for a long break out. It has since broken out of the wedge pattern to the low side and is hitting the 61% fib level for a bounce that we could see go as high as 1.2000. We also have a monthly support level a little lower than current price action that I dont think we will...

Blackwood_fx

Looking like a long play in action on the daily time frame. I don't see price action breaking this buy zone. There should be room for a nice profit.

Blackwood_fx

It appears my plan with EURUSD is going accordingly. I love finding and then trading wedge pattern breakouts. Most of the time they are black and white. In my last post I shed some light on the forming wedge. I actually took a short position off the trend line bounce (a risky one to say the least) and it worked out well for me. I caught a good portion of the...

Blackwood_fx

We have a nice symetrical wedge pattern forming on the H4 time frame. It looks like the overall trend is long at the moment, at least based on the daily time frame. Wait for the break to enter the long position. Enter: somewhere around .9925 T/P: 1.0120 S/L: .9853 Remember wait for the break out!!!

Blackwood_fx Updated 

Not a set up with a ton of confluences but some. Im going to go with the over all trend here and say that this chart is trying to for a wedge pattern. Like I said, not the strongest trade set up but im going to open a small position on this one.

Blackwood_fx

In my last post on the same pair we looked at a wedge pattern forming with a short term bearish move. Moving to a higher time frame (4h) you can see a flag pattern forming which can indicate a long breakout. Im in this pair at .7250 and my TP1 is .7450, I know I should have waited until PA breaks the wedge but I am confident about the long play, lets see how she...