Ranging since April
Current impulse is bullish
Price re-tested 1.75 but couldn't failed
Large Daily engulfing candle (but previous candle was large bodied i.e. not a doji or hammer...
Bullish biased and respecting rising trendline
Minor structure at 1.731 but may be weak.
Watch price reaction to 1.731 - clear rejection may initiate a long...
Yesterday price finally closed above 114.3 level which it tested several times since January.
Current candle is forming an inverted hammer. From this point we may see a retracement which can give us an entry point.
I'm now bullish biased and expecting price to reach 115.9 & 117.4 based on historical levels.
0.382 retracement level...
Price is trading within a ascending wedge. Lower trendline is steeper then the upper line so we may see a downward push.
H&S formation at the upper trendline.
Price broke the shoulder and has now retested and is forming an engulfing candle.
Missed the entry point for a sell order is set at 0.6988 in-case of the next candle having some...
Price has been in a descending wedge pattern for the past month.
Fri 3/7 saw a daily inverted hammer candle at the bottom of the wedge formation & this formed at a daily structure level.
Wait to see a clear break to the upside then a retest of a previous local SL/SH on the 4H or 1H timeframe.
Taking the fib retracement of this long...
12/6 saw a strong bullish engulfing candle and some consolidation since then.
Bullish flag pattern can be seen.
If there is a break to the upside then further bullish continuation can be expected.
Further confirmation needed before any trade entry as technical by price action we are still in a downtrend.
After the recent long bullish move price has made a retracement and may be starting it's next bullish leg.
Price action shows that we are now in a bullish trend - but if this is will be strong enough to create a higher high we cannot be sure.
It seems price is in a parallel channel though and we can try to take advantage of this.
It seems price has rejected the weekly downward trend line last week.
RSI seems to be diverging downwards too.
If we see a break and close below the 0.6385 zone then we can look for opportunities to short.
Note to be careful with stop placement as the retest of this zone on 9th March (white arrow) had a very long rejection wick.
Indecision in the market - no clear trading plan yet.
If there is a DAILY candle break and close above the range + a retest then look for long opportunities
If there is a break and retest of the minor support at ≈0.89646 then look for a short opportunity with a target of the yellow descending line.
Last week we saw a new lower low on the daily chart as well as a break below a key level.
During this break we also saw a bearish engulfing candle mid-week so we can expect further downward movement.
Friday's candle showed some indecision (spinning top candle pattern) so we must look at lower time frames.
If daily closes below the strong support zone then there may be a chance to enter a short trade to the 0.926 level.
But if price makes a reversal pattern on a lower timeframe and breaks above the upper boundary of the support level then we may see a new bullish trend appear.
RSI is also indicating it is oversold on the lower timeframes
Whats going on
Ascending wedge pattern
Resistance (red) line drawn at the highs
Support (green) line drawn at the lows
The angle of the support line is much steeper than the resistance line.
What does this mean?
Buyers don't have enough power to create significantly higher highs. Sellers keep pushing the price away from the resistance line.
Because of this...
Price is re-testing the 1.082 - 1.084 range that it has bounced off several times in the last 9 months.
Todays candle is close to forming a rejection candle at this level. Previously this has resulted in strong bearish movements however the more a structure is tested then the lower the chance of it holding long term.
After the most...
Daily price finally broke below and closed outside the wedge meaning a bearish trend could continue.
IF price retraces to the price zone THEN I will make a short entry on the pair.
Target 1 - 0.958 (R:R 2.37)
Target 2 - 0.952 (R:R 6.24)
Testing new strategy - same risk % overall but split into two trades. One low aggression and...
Price has made a new low at a key level of support and still respecting the descending triangle formation
IF price continues with bearish momentum THEN retests the support zone and shows a rejection candle then a short trade me be active.
Price has finally broken through the support area around 1.385 that it has been testing since early April.
IF there is a pullback to a previous resistance level of 1.383
THEN I will place a short order with a target TP of 1.367
An inverse head and shoulder formation is noticed on the 4H timeframe.
IF a 4H candle closes above the price range then we may see bullish movement to the next area of resistance at 135
IF there is a rejection of this zone and price cannot push higher then we may see a bearish movement back to the previous swing low at 129.6
The strong resistance zone of 0.913 - 0.914 was finally broken last week after several retests in the last 12 months. The last two days have seen rejection candles entering but closing above this zone.
Price is very close to the top of this resistance zone therefore I will place a buy trade with SL just below the bottom of the...
This pair has been stuck in a daily range between 1.099 -> 1.078
Currently it has just touched the upper boundary so a bearish reversal may take place.
The supporting rising trendline has now been broken with a strong bearish 1H candle closing below it.
IF there is a retest of around 1.09525
THEN look for selling opportunity...