Perspective has changed since we broke out the 1 HR down channel and i had been following this larger time frame pattern. Dollar pairs are setting reversal patterns which makes this chcart more fitting. Target 1873
GBPAUD in a down channel ever since the head and shoulders reversal pattern. partial down trend on the hourly has been broken and opens the door to test the main trend. i am looking for entries a bit higher to test support as highlighted
Looking at gold we had this lovely bear flag pattern play out. Price has since formed this down channel where we have seen 1842 act as resistance and 1820 our support. I am looking for another test of 1820 and price is near the channel so this gives us a good Risk/Reward ratio trade here
Finally JPY pairs breaking the range. nice break + re-test and an impulsive move up. 180 to 360 pips up for grabs here using fib targets now we have seen resistance being tested for support
As clear as a nice sunny day in California. EURAUD ready to tank from this Head + Shoulders pattern and touch nice fib targets where we can see nice buyers shown previously looking at the highlighted candle.
EURCAD is currently in this sideways support and resistance very basic. range is very nice though with 410 pips up for grabs if we get a nice rejection here to push back up from the first test of support since it was created but i am wary of a fake breakout here so be careful. Failing the range hold price could easily fall to the up trend
EURGBP has been having violent spikes up recently. Price has so far fall back down to this continuing up trend on the 4HR TF. my preference is to buy here as the market is hinting on the 1 HR TF a potential bull flag to help push up from this trend touch. I would wait for a rejection here and a break and re-test of the black trend line for the 1 Hour TF
Larger picture is a Head and shoulders within this up channel. Smaller time frame looking at this bear flag which should take us to at least test the neckline and hopefully break and play out the H+S pattern to test the channels trend
So from last night's post we have saw EURUSD sell off as anticipated from the bear flag. now we have the main channel test and USD strength has some momentum from a dxy bull flag which bulls will need to use to break this
Current bull flag on the DXY and current Bear flag on gold things you love to see! Gold has broken out its bear flag and the trend since early DEC and currently looking for a retest around 1870. Sell off is confirmed is we re-test the structure of the bear flag and reject and then break 1860 this will confirm 1832
Looking to see AUDUSD test the channels up trend support as we get a developing 1 HR bear flag on the hourly. Anticipate a big sell of if we break the bottom trend line of the bear flag & will also be looking out for a big driving factor in the data releases to trigger this
USDJPY has been caught in this downwards channel until finally an aggressive break. We then saw price gap up on the asia open at the start of the week before price correcting itself and as always filling the gap 142.400 will be the target now and alot of Dollar pairs setting up the advantage for dollar strength to come.
On the 1HR timeframe we can see EURUSD is setting up a bear flag (continuation pattern ) meaning i anticipate USD strength and to see EURUSD FALL FURTHER. Entry and confirmation would be a break and sell off from the lower bear flag trend line
Looking on the 1D time frame we can see a inverse head and shoulders hinting at price making a burst much higher to our possible fib targets. going down into the 12HR TF price is trading in a perfect 230 pip box or the right shoulder.Price is currently at a good RR level for buying as we can use support here to buy and also on what may be the bottom of the right...
Bull flag ( continuation pattern ) hinting at now we have broken the minor downtrend and re-tested the structure we can now continue up to test 94.000. A break of the upper bull flag trend line would singal its time to go higher and break this resistance.
Gap fill trade idea for today. Price almost pushed into the opening sell off where we can anticipate easy sell off to target the gap and like all gaps it must get filled. The risk on this trade is extremely low also making it more attractive
EURUSD looking to test 1.07363 area and a tend test would be in play here also. Depending on price action i think after such an aggressive sell off we may correct around 170 pips to 1.09200 before EURUSD decides where to next. i will be looking to long 1.07363 as long as the trend remains in tact .