Price is in a squeeze between the downward sloping Major Resistance line and the horizontal Major Support line. Moving to the daily time frame will show a trade setup opportunity.
Price has bounced off Major Resistance and is headed down to Major Support. Over the last 6 months price has been in a trading range. Once price breaks down below the trading range price should continue down to major support.
UC has bounced off major resistance and is now headed lower towards major support. Notice however that over the last 6 months price has been in a sideways trading range. Waiting for price to breakout below the trading range followed by a high quality Short Trade setup before entering this market.
Note this is a monthly chart! Price has been moving downward to test major support. To me it doesn't look like this pair has moved close enough to be considered as having tested major support, bounced and now heading higher. It looks more like a correction in an ongoing downward trend. Therefore, I am expecting price to reverse back downward soon to test major...
Here is what the monthly rejection candle looks like when we move down in time frame to the daily time frame. Notice price is simple correcting back down to Intermediate Support. A bounce off intermediate support and a high quality Long Trade setup will indicate price is ready to move higher again to test resistance at the major resistance level. I am looking...
Notice this is a monthly chart! This is an example of price action bouncing off major support and moving higher to major resistance. Notice the last candle looks like a rejection candle. A rejection candle would indicate a reversal back downward. However, notice this rejection candle did not form at a monthly resistance level. As a result it is not a valid...
Example of price bouncing off of major support and heading back down to test major resistance. This is not tradable as price is now midway between major resistance and major support. Next trade opportunity would come when price bounces off major support and forms a high quality Long Trade setup.
Waiting for price to bounce off major resistance and form a high quality Short Trade setup!
US Dollar has once again rejected price at Major Resistance and is now most likely headed back to to Major Support.
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This trade setup was identified on November 23 and continues to move sideways. Price continues to reject higher prices as noted by the long upper candle shadows. I was taught in my formal trading training if price doesn't start to move in the expected direction after 3 to 4 days I should close out the trade as the probability increases that price could start to...
This short trade setup was first identified on November 25. However this market continues to move sideways. In my formal trading training I was taught if price doesn't start to move in the expected direction after 3 or 4 days I should cancel the trade. So, I am closing out this trade with a very small loss. I will now wait for the next trade setup to develop.
The long trade setup was first identified on November25 and hit its entry price level 3 day's later on November 28. In my formal trading training I was taught that if price doesn't start to trend right away I should consider abandoning the trade setup as the setup may not work and may start moving in the opposite direction. Notice that over the last 4 daily...
The anatomy of a candle tells us a lot of information about price action. The high to the low of the candle tells us what the trading range was for the session. The real body tells us the day was bullish if the candle is green and bearish if the candle was red. The size of the real body tells us how committed traders were to the market. A small real body tells us...
GBPAUD is making higher highs and higher lows indicating an upward trend. The 10 day EMA is diverging from the 20 day EMA indicating increasing momentum. The last 2 candles tested and bounced off 10 EMA indicating 10 EMA holding as support. Last candle is Engulfing previous candle indicating a reversal in trend from a sideways trading range to the beginning of...
I missed my original entry point by 3 PIP's so I entered SHORT at market. 1.6:1 reward to risk ratio. I really like to keep reward to risk ratio at 2:1 or greater but I decided to go ahead with this trade as I feel confident price will move lower.
Price action has been making higher highs and higher lows indicating an upward trend. Notice Swing Level. A swing level is similar to a support level where price has actually come back and tested it as support. When price action rejects this swing level it indicates a probability price action will continue higher so this is a very good place to consider a long...
DURUSD has formed a lower low and a lower high indicating the trend is reversing from an uptrend to a downward. A new lower low will confirm the reversal in trend. Price is also rejecting higher prices as noted by the long upper shadows (see red ovals). The last two candles are rejection candles as noted by their long upper shadows, red bodies and closing near...