We are at daily resistance on EURUSD. At this level there has now formed an ascending channel, a head and shoulders pattern and bearish divergence on the RSI. All of which are bearish signals.
Descending channel at daily support. Price has decelerated after approaching support - now looking for a small reversal.
NZDJPY has formed a bearish cypher pattern at the same level as an ascending channel. There is also bearish RSI divergence which adds further bearish confluence.
- Descending channel at daily support - 0.5 fib retracement at entry point - Equal measured move at entry point
Gold is likely to see an explosive breakout to retest the all time high.
Equal measured move into 100 psychological level with previous support. Since then we have seen the start of an uptrend.
Double bottom on 60m, fundamentals line up with there being a large break of resistance.
We have an ascending channel on the 4H timeframe showing that price has been decelerating as it approached the daily resistance level. We also have bearish RSI divergence. I expect to see a small 40 pip move to the downside.
GBJPY is currently in a strong uptrend on the 60m timeframe. It has just produced a higher high, higher close candle at the bottom of a descending channel - both of which are bullish signals. I have entered at the open of the 12:00 candle and will hold until a retest of the previous structure high.
If GBPNZD goes up from here it will likely trigger my bearish bat pattern limit order (see previous idea). However, if it falls from here it will trigger my bullish bat pattern limit order. My back testing shows that these patterns are highly profitable on this pair. I enter with a limit order at the 88.6 retracement and take TP1 at the 38.2 retracement and TP2...
1. Bearish bat formation completion at daily resistance level. 2. Ascending channel completion at daily resistance level. 3. Equal measured move completion at daily resistance level. 4. Daily resistance level previously respected. 5. RSI (7) strongly overbought.
- Ascending channel at previous outside structure on the daily timeframe. Other confluence: - Equal measured move completion at the resistance zone. - 78.6 retracement and 61.8 extension complete at resistance zone - adding strength.
Bat patterns on GBPNZD are very profitable on the 4H timeframe. - Entry: 1.96189 - Stop Loss: 1.97407 - TP1: 1.94499 - TP2: 1.93456 I have set a limit order at my entry price. If price moves against me I will trail my take profit levels in accordance with the 38.2 and 61.8 retracement levels from the low of the pattern to the current price level. If the...
NZDUSD has formed a descending channel on the daily timeframe. I expect it to bounce off the recent outside support level.
- Descending channel at previous daily support. Extra Confluence: - 38.2 retracement within reversal zone - Equal measured move completion at reversal zone - Daily support level has been respected as a support and resistance level previously (structure swap)
1. Ascending channel at previous daily resistance Extra Confluence: 1. Round number (1.80000 level) within reversal zone 2. Cypher pattern entry point in reversal zone