EURNZD short hyper trade .
The reason for the hyper trade was because there was major weekly and daily horizontal support at the 1.6230 level
The 4hr chart had been forming multiple higher highs while creating MACD divergence.
Hourly price action had formed an ascending triangle, MACD also had major divergence.
Missed a potential scale in at 1.610
Stop : ...
Im long term bullish on this pair but after it became over extended i was looking for a short.
Due to my bull bias I wasnt going to open a short position until I saw enough bearish confluence
USDCAD was on my watch list after the large bearish engulfing candle and broke the 4hr 50 ema
Decided to take the short after the 4hr 50 ema retest. opened the position ...
XAUUSD 0.17% short was traded after I saw the pair reaching major resistance on the daily chart , forming a triple top. \
Hourly chart was sending bearish signals as they formed MACD divergence over the past 3 highs.
Entry was taken manually on the 5 min chart after the break and retest of the 5min 50/200 EMA indicators
Result = 12.8%
AUDNZD has shown excellent price action on the 4hr chart as it formed a high test doji at the 1.07700 resistance level, while also re-testing the 50/60 ema and the 0.382 Fibonacci retracement level.
1hr chart Stochastic RSI shows major divergence. As well as the RSI is in oversold territory on the 4hr.
Negative confluence factors:
Shorting while having to ...
A strong case for a DXY short is starting to form, We have a 3 month head and shoulders pattern forming with a downward sloping neckline. Additionally price has failed to break the Resistance level @101.500.
One obvious negative is that the DXY is currently trading above the 50/60 ema indicating that in a uptrend.
Would recommend caution trading dollar pair as ...
In light of recent DXY strength off a major trend line, An AUDUSD play is an important setup as the DXY approaches 100.
- Deceleration on the Stochastic RSI over the past 3 months
- Stoch RSI indicating oversold (Converging)
- Retesting a 4 year downward sloping trend line.
-Forming the Right shoulder to the head & shoulder pattern.
-Retesting the ...
- Support at the 0.38 Fibonacci Retrancement level
- On the final shoulder of the three month inverse head and shoulders pattern
Stop Lost: 0.9650
Entry : 0.97300
Limit : 1.0300
Risk to reward : ~6.8
Post Brexit GBP has been extremely choppy, Recommend entering with a conservative amount due to the high risk exposure.
Long Term Target : 1.0500
Stop loss : 1.4200
- Potential 'Last kiss Strategy' Setup
- Retest of the 0.38 Fibonacci retracement
- Retracing to the nearest resistance line at 1.38700
If price continues to decelerate while approaching resistance at 1.4400
Assuming we get decent Technical's I will be entering a short position with a target of 1.1300
~120 pip profit
~30 pip stop loss