Weekly - Bearish engulfing - Cross and close below 200EMA - Break and close of rising weekly channel (18 week uptrend) - RSI bounce from overbought territory
Following on from the Daily analysis I posted, this is the Weekly outlook. We of course don't know what's going to happen, but it's always advisable to stay ahead of the market and prepare for as many eventualities as possible. Option A The red box is the PRZ on the Daily TF. This falls short of the overall down trendline, but sits nicely in a strong Supply...
Earlier during the week I posted the Bearish Bat pattern for a sell, inline with a nice fresh Supply Zone. Looking left, we have nice structure for a sell, but it's also looking like a last safety zone before a move higher than our acceptable stops. I've highlighted in red, where sellers are likely to enter the market.
I'm already long this pair, and moving over to the Weekly you can see a beautiful pin bar forming at the bottom of the channel. There's little in the way of Supply ahead of an extended move higher, so i'll be keeping the HTF in mind with this trade.
Could there be some relief in yen next week? Weekly - Hammer / pin bar Daily - Tweezer bottoms - Double bottom formation - RSI oversold - ABCD move completion with strong reaction at 77.595 H4 - Bullish engulfing candle Bullish pressure seems to be building up. Awaiting pullback and seller failure before taking a long position Strong support at 80.000
Entry 1 H1 supply zone offering almost a 1 to 4 risk to reward. Entry 2 Bearish Bat completion at the 88.6% retracement with a harmonic AB=CD move into the PRZ. TP1 offers 1 to 1.3 risk to reward TP2 1 to 2.16 risk to reward We may see price test the top of the channel, and considering we missed the bottom of the channel on the way down, we could see an...
Just a scenario i'm looking at.
As title says. I'll be fading this back up to the daily pivot, which coincides with recent structure and the 38.2% retracement
We could see the TL break soon with a completion of a corrective ABCDE triangle pattern formation.
Confluences - Strong PP at 1.4400 - 61.8% retracement holding firm (1.4400) - Bullish engulfing candle - CTL break (currently retesting) - HH, HL, HH expected
Confluences - Previous PP - XABCD completion - Recent demand zone - RSI oversold I'll be waiting for at least an H4 rejection candle to take this trade.
My next bullish target is 1.48000, given we see the right market conditions. I'm anticipating an overnight retracement and possible consolidation, followed by a reversal within the green zone drawn around the 1.4520 area, with a rally up to 1.48000.
Approaching a key pivot point on the Daily USDOLLAR Index. Maybe we'll stall here until Non-Farm Payroll? This is going to have an affect on my GBPUSD trade too.
What I see: Bullish sentiment - Price respecting Daily PP - Price Respecting 50 SMA - Price respecting Bullish TL - Close above top of Daily Inside Bar range - Price above 100 SMA - Price above 200 SMA - Daily Bullish Engulfing Candle - Broken recent higher high - False breakout of rising wedge Bearish sentiment - Price failed to stay above previous Weekly...
Could this be happening again? H1 pin bar formation on top of the previous Daily Inside bar range and TL?
After predicting a move higher over the weekend but not listening to my instinct at this crucial moment yesterday, when I reversed my position from long to short, I will be sitting on my hands until I can determine what the smart money intends to do with the longer term. We saw a nasty bear trap on the TL bounce as indicated on the chart, and with the lack of...
A closer look of my previous post on the higher timeframe. We've got major news release all of next week which should determine the fate of this pair. My guess is a pullback higher into previous structure towards the 61.8% fib retracement before we head south some more. Hedger have been adding long positions to cover their exposure in anticipation of a move...