With EURUSD overall bearish mood, I am continuing to sell EURUSD at rally. A potential butterfly pattern is forming which aligned with previous support level. I am putting in a limit sell order at 1.1268 and wait if this order can be filled.
I am going short on CADJPY as price has reached the down trend line that aligns with bearish bat pattern reversal zone.
Furthermore, we can also see a RSI divergence with price making it a high probability trade. Tight stop loss above the trend line which price is struggle to clear in the last few hours giving it a great R/R trade.
A one hour bullish butterfly is forming with XA127 extension right at the same price level @115.55. Back in December when price hit this level, it went up a few hundred pips. If you look further left, you will see that this is a strong support/resistance level.
I am looking to enter long @115.55, stop @ 115.20, limit @ 116.20 giving a risk/reward of 1:2
NZDUSD has been in a range since October which presents great harmonics trading opportunities. On NZDUSD we can identified a gartley pattern and a smaller butterfly. Both patterns have the potential reversal zone in the same price range. I would like to see price move up to the upper range of the reversal zone ( around 0.7970 level as shown on the red line) to...
This potential bearish cypher pattern and ratio alignment is more pronounced on the 1 hour timeframe. In order to show the down trend line confluence, I am using the 4 hours time frame. The potential reversal zone is 78.6% of XA leg which will likely coincide with the down trend line. However with NFP releasing in a few hours time, its wise to step aside and...
AUDCHF is currently at a price level that happens to be at a strong past support /resistance level.(it will be clearer if you opened up a higher time frame chart). This level coincide with the bearish deep crab pattern. I was a bit late identifying this pattern. As I am big on Risk/reward ratio, I will wait to see price move up to 0.8278 level for a better fill....
USDCAD has been rallying strongly and hit a past resistance level forming a nice bearish deep crab. D extension formed at almost pip perfect 361.8% of BC
On the two hour chart, a hammer was was formed a few candles back.. As I am a bit late, I will wait till next RSI overbought for confirmation to enter a short trade.
Stop at 15 pips above D and take profit at...
AUDNZD hit strong down trend line after the rebound from historical low. (see related ideas)
Price also showing a nice RSI divergence confluence with price down hit 127% AB extension.
Profit taking at 50% retracement and stop above 127% extension giving a good R/R ratio. If price breaks above the down trend line, we can look for further long position.
AUDNZD has hit historical low and technically, we should expect some bounce even though Australia's fundamentals doesn't look strong. In the coming weeks, I will be look into potential long opportunities at lower timeframes to take advantage of this potential bounce.
Was not planning on taking any more new trades till new year. However when looking at the chart, this swing trade setup on the GBPCAD tick a few checks.
- Price has dropped below a strong Support/Resistance area as indicated by the yellow eclipse.
- Price broke trend line, retrace to the back of trend line and formed a pin bar. (a nice setup)
- Entered trade @...
Entered long EURUSD with stop loss at 1.2250, take profit at 1.2350
I entered long as price hit the long term trend line on the weekly which coincide with the D point of this shark pattern.
Market during this period tend to range more than they trend. As such there is a good probability of price retracing back to the previous strong support level at 1.2250.
USDCAD has been on an uptrend since July. It has formed nice ABCD pattern with BC leg at 0.6 and D extension hitting 1.6. hitting the upper trend channel. Looking to the left of the chart, we can see it was close to the previous major support zone back in 2009 before price USDCAD made a major huge drop.
This is an indication that the pair has a higher probability...
EURUSD reached key resistance level and expecting price to fall. I shorted with stop above last high at 1.2610 ( 1.2600 level also provides addiditonal resistance) Take profit level at 61.8% of Bat at 1.2375. I will move to break even when price reached 38.2% at 1.2445
As EurUsd is building a short term base up, overall its still bearish sentiment. If price reaches 1.2570 key support level,, i can anticipate price to fall with the confluence of previous support and bearish bat pattern. This can happen in coming 3-4 days if that happens.