IndependenTradingFX

IndependenTradingFX

Simplicity is key. ***MONTHLY CHART***

IndependenTradingFX

Price broke out of an ascending channel, plus a structure zone (Support & Resistance). We may see price retest the broken structure before continuing a bearish move. Wait for a bearish correction on a lower time frame to confirm the move.

IndependenTradingFX

After a massive false breakout to the upside last week, we have dropped back inside a descending channel. Of which the candle stick on all time frames before market closure, has rejected the bottom. This means we could expect a pullback to 1.73000 (top of the descending channel) or the middle of the channel before continuing a bearish move downwards. Our bias is...

IndependenTradingFX

As we can see, USDCHF has reversed from a weekly resistance zone. It also broke out of an ascending trend line. We may see price potentially retest to the broken structure level and continue declining as charted.

IndependenTradingFX

Simplicity is key.

IndependenTradingFX

A very similar pattern is running across all GBP pairs (double tops). GU has broken a recent support line. Our bias is short. This chart is far more clearer on a H4 timeframe.

IndependenTradingFX

Price is currently losing momentum in its tight, bullish trend (forming a bull shooting star candle) that completes the final triangle for our inverse head and shoulder pattern. Multiple wicks have rejected the neckline, including the current bull candlestick. This suggests bulls are losing momentum and bears are slowly taking control. However, if bulls break...

IndependenTradingFX

Potential future moves. We sit neutral without a confirmation on either moves. 1. Price will continue its bullish run since completing our double bottom pattern... and run from the neckline (CMP) to our resistance line that has multiple wick rejections. Keep in mind, price may consolidate a little at our current area before price action shows us who is in...

IndependenTradingFX

Price has rejected a recent swing high - creating a double top. Price action showing all signs for a short (sell). Loss of momentum, double top, reversal price action patterns etc! Analysis is supported across multiple time frames.

IndependenTradingFX

Potential future moves. We sit neutral without a confirmation on either moves. 1. We may see a bounce off the newly formed trend line that has been touched twice (now three times), up to our neckline where we break and continue a bullish trend. 2. We may see price continue a bearish move, where buyers will try to gain momentum/control of the market again (to...

IndependenTradingFX

USDCHF is currently on a downtrend after breaking an uptrend that tested our recent support line for the second time. Our downtrend has multiple wick rejections. Price is currently sitting within our resistance zone, with a bearish candlestick that touched our trend line. In addition, price action has reversed on the tight bullish uptrend (purple arrow) and lost momentum.

IndependenTradingFX

EURAUD made a short bullish run before forming a sidewards structure. Inside this structure is a head and shoulder pattern that is forming nicely. Short trades are on the lookout as price is dropping our support line, we shall wait for price action to confirm our trade. Specifically looking for a breakout and a continuation of our downtrend from the shoulder...