Same as GBPJPY, sterling is very bearish right now. The set up was based on a simple break and retest of the support/liquidity zone (the blue stripe). We can see a huge green shooting star rejected the zone. The spike is more or less due to the FOMC announcement, which also wiped out my other two trades. Then, on the 1H, we see an evening star formation, where I...
Even though EURO is rocketing to the sky and hit my SL. POUND is performing well. With the delay Brexit talk pushed to June, GDP is sinking. The setup was simply based on support break and retest. On the 1H chart, you can see 3 times rejection by the support, formed a 3-pin pattern. The target is hit.
I believe the pullback is near the end. The bearish trend pullback to Fib 61.8%, which is also a resistance level now. 4H TF forms a 3-pin pattern reversal formation. DXY 4H TF shows a morning star formation. If we can get a EURUSD Daily TF reversal signal today, it would be great.
However, any trade is risk, let's see what happens.
We had a successful trade of NZDUSD earlier this week. I believe this is another chance to short this pair. I'll state my reasons below.
First, on the Daily TF, a 3-pin pattern was formed, but I know it's not the most perfect 3-pin formation. It gives us a reversal signal.
Second, on the 4H TF, it formed mini LHs and LLs, which show a downward pressure.
My...
This setup is based on the 4H chart. The overall trend is bearish, and I expect the price action (PA) to follow through. As I labelled on the chart, an evening star formed suggesting a reversal sign. The ideal situation is that we need to see a reversal signal on the Daily chart, so it will give us a stronger bias.
If the price push up again, I'll sell this...
As explained on the chart, the overall longer trend is still bearish because the LHs and LLs. The PA reacts to the Monthly key level, which is a signal for us to find a short trade, which is explained in the previous post.
This trade went through thanks to ECB. It was entered last Friday, but finally came through after a week. From a top down analysis, the bull is running out of steam for few reasons, which I'll explain in the next post.
This is a 4H analysis. There are THREE reasons to form the short bias:
1st is the PA reacts to the Monthly key level, which is critical for us to...
This is a EURUSD prediction, not a set up! There are TWO SCENARIOS. 1st is to break the descending trend line then melt to the ground. 2nd, which I prefer, is is to pull back to the previous liquidity area, where is also the Fib 61.8%, then drop. The Daily PA suggests a strong bearish momentum. It would be fantastic to see a pullback.
