Nothing complex about this trade. The DAX is currently in a downward channel and has reached its resistance level, if we look back it has also hit previous support which is now resistance. We also get confirmation with price retracing off the 0.618 FIB level. I have uploaded this trade a little late as I have been busy with exams but I still think its not to lat...
So GBPJPY Broke out of a descending triangle, will it continue to rally through the next structure level at around 185.00? Or will we see resistance at this point and maybe see the pair fall back down towards the 181.00 level? What are your views?
- Previous support, now possibly resistance.
- Long reversal candle, (Doji)
- Retrace off the 0.764 fib level
- Will wait for confirmation. I will wait for the next candle to close, it must close as a bearish candle.
- Maintain a risk/reward ratio of at least 2:1
- Only risk a maximum of 1% of my account
-Strong previous support
-0.618 fib level
-support line in long term descending channel
-I am not entering this trade, I will only enter if I get confirmation of a reversal and fundamentals in favour of the EURO.
- Strong previous support level
- Retraced off a key fib level (0.764)
- Decent risk/reward ratio of above 2:1
- Showing signs of reversal due to bullish candle with a long wick.
- Will wait for price to break the next fib level (0.618) for confirmation that price will continue north.
- Will bring stop loss to break even when price reaches at least 90% of target...
-Strong previous resistance
-Will wait for confirmation of a reversal (e.g. engulfing candle or doji followed by a lower close).
-My target is set at the next structure support level.
-I will set my stop just outside the triangle pattern.
-Attractive risk/reward ratio
A strong Previous resistance level has just been hit and the market has responded aggressively. I am going to enter this trade at the resistance level and set a tight stop and my take profit at the next structure level. I will check the position again in the morning.
USDCAD broke out of a straight channel it has been in since the start of 2015. It now looks like it is beginning to retrace back to the original support line which I believe will now become a resistance line, giving us an opportunity to execute a short trade on the bounce. I will, however wait for a reversal candle, ideally a doji followed by a strong bullish...
The AUDCAD pair has hit a strong long term support line and is giving confirmation by producing a doji candle. I will wait for this candle to close and then wait for the following candle to also close, if the following candle is bullish I will execute a long trade with my first target around the 0.96230 level giving me around 25-30 pips. If it hits this target I...
We have a situation here where a previous support line is now acting as a resistance line. Initially we witnessed a strong bullish trend followed by an indecision candle and then a bearish confirmation candle. I have executed a short trade and have set my 1st target around the 0.70450 level. If price reaches my 1st target I will close out half of my position,...
Gold has just touched a support area where I previously executed a long trade. If I get confirmation from an indecision candle followed by a confirmation candle, I will execute another long trade and set a target around the 1158.00 level. There is some previous support at this level and if all goes well and it reaches my resistance line, I will execute a short...