Great risk to reward trend continuation setup
GBPJPY has a downtrend bias on the dialy. we are entering a short to continue in that direction.
We plan to short euraud powerful trend continuation setup, we have calculated the most optimal place to enter short. The red line represents where the market will pullback too, and the entry is the average pips traveled before turning.
We plan to short usdcad int his powerful trend continuation setup, we have calculated the most optimal place to enter short. The red line represents where the market will pullback too, and the entry is the average pips traveled before turning.
Things to note Bounce off daily pivot At 50% fib level at support Time for a pullback based on previous pullbacks
The market has just made a new high which gives us a bullish bias. We have bullish divergence on the daily, along with structure at the 50% fib level.
Things that make trade powerful 50% of a larger move bearish divergence Trendline Trading with trend Head and shoulders retest At resistance
Fib 38 Currently at resistance. We got a retest of support on the lower timeframe. hiddent divergence We are in a downtrend
On the 4 hour we see that we made higher highs i have taken this trade in the belief that that trend will continue. We are currently at support. Things that make trade strong We are currently at support We have hidden divergence We are following a high timeframe trend Fib for additional confluence around support..
We look a long when the market gapped down to our pre specified support line, we got a great rejection and price is not at resistance, because of the strength of the resistance, we expect a break and retest to the long side.
We are in a pretty unique situation, the market closed exactly, on a confirmed level of sup/res. Usually, when this happens we get a huge reaction sometimes even a gap. We have a short bias for this trade.
For this trade i have nuetral bias on the direction, this trade with go. I will most likely have it play out and trade off the retest once a hint of a trend has developed. Both levels have been confirmed, some weaker than others. If we short and the levels below get broken, those levels will serve as a barrier to continue the short.
We have a short bias merely because of where EURUSD is in the market. Both levels are confirmed SUPPORT/RESISTANCE we are waiting for price to break the level and retest for a confirm down. From there the market will have the incentive to short and continue a large trend.
The bias is definitely long, but i really would love to get a short confirmation because there are no major levels stopping this market from falling to the next level. The top and bottom support/resistance prices are confirmed.