XAUUSD - Correction Wave (Wave 4)
Predicting a corrective wave is much harder than predicting a motive wave this is why I have a shorter take profit as it is going against the trade still keeping an eye out for opportunity to buy at end of Wave 4 area to catch wave 5 which could equal wave 3 highs
EURUSD in 2021 shows big sell opportunities as from January 2021 it is in a down trend, in march it hit 1.17 area with could be named as the important support area as we see a lot of rejection from this point.
if we use fib retracement from 2021 high and 2021 low the market currently ends at the 0.618 fib level (1.12)
Euro is overall looking bearish and USD is...
I am bullish on USD Fundamentally as they are recovering well from the pandemic
I am bearish on CAD towards the American dollar as America has a stronger currency
I see a consolidation zone in USDCAD from 2015 and we arrived at the bottom of it this month, my entry was a candlestick pattern that consists of 3 candle sticks
1st candlestick must be a...
Fundamentally I am bearish on the EURO as Europe fight with coronavirus is still a tough battle even though they seem to be picking up the pace with vaccination roll outs.
AUD is looking very strong fundamentally as New Zealand and Australia are two of few countries that are recovering from the pandemic really well.
I AM NOT A FINANCIAL ADVISOR THIS IS JUST ME...
A potential short position if the market breaks through the Descending Wedge pattern,
If the market breaks through the pattern i will wait for either an Engulfing candle to appear to the market to break through the 0.86800 support line as it seems to be a major resistance
What i see is a down trend since we have the 50 EMA (Blue) and the 200 EMA (Green) both above the market price.
I also see 2 bearish patterns which are a strong indicator for a short position,
Firstly i see the Symmetrical Triangle pattern (Red) which has been broken by the market and is one of the stronger patterns indicating a sell
Secondly, I see a...
On the GBPAUD pair I noticed another Symmetrical Triangle pattern and a break through. I thought i would be late to enter the trade however it retested the previous support which is now the most recent Reistance at around 1.94348
My TP is place 36 pips above the support level of 1.9200 (1.92360)
SL is placed just above the...
GBPJPY showing a potential LONG reaction as its near the support area at 144.123 this is because the candle sticks seem to become shorter with longer wicks from the sellers, the last 4H candle closed below the 200 SMA which i think can be a fake out since the support area is really strong. I placed the SL (71pips) just below the previous lowest point 143.766 just...
AUDJPY reaching strong resistance at 78.957 candle sticks also showing a high chance of rejecting of this resistance as they are becoming smaller meaning buyers are losing momentum which is a good sign in a downtrend. Another reason why im selling is that the prrice reached the 200 SMA showing another confirmation of a...
USDJPY showing a good SHORT set up as the price is reaching the 200 SMA which shows a good entry for short position. it is a strong resistance at the 110.883 area which shows a lot of rejections at this point, not setting SL too high as its only 22 pips and the TP at only 37 pips at the 0.618 fib retracement level