Starting with the 1 hour timeframe, price-action is currently trading in a wedge formation below the 200 Simple Moving Average (SMA) RSI is also below 50 suggesting that bears are currently stronger. Let's take a look at the 4hr. With the 4hr timeframe we can get a better view of the wedge. RSI is below 50, and it appears price action wants to pullback to the...
Taking a look at the 4hr timeframe, price action is having a difficult time climbing higher. RSI is now below 70 showing signs of lack of bullish momentum following a rejection candle. With that said, I believe a retest of the red area support is likely but the question is will it break even lower. I'll need to wait for 4hr candle to close below the red area for...
Basically enter here and set first target to Alert area. Reason I want to be alerted is because we might get a bounce at the area. If bearish momentum is in play, I'll look to hold the sell to my final target. Trade Safe!
Taking a look at RSI on the daily timeframe, it's well overbought. At this levels, I would caution traders from buying here and wait for a decent dip before going long. Trade Safe!
So I'm obviously not interested in buying here. I think there's great possibility for a pullback/retracement/correction whatever term you'd like to use... With that said, this trade plan is so simple. I'm just waiting for a close below the last candle on the 4hr timeframe. The last time we had a close below the last on the 4hr timeframe was when Bitcoin was...
Taking a look at the 4hr chart, price action is trading in a wedge formation. RSI is below 50. I believe based on the current candlestick characteristics, that this pair is likely to trend lower at least back to the ascending support.
Simple setup with RSI bearish divergence. This is a 2:1 risk to reward. Trade Safe
Here's an idea on how to trade this range with a 3:1 R2R for each trade.
Taking a look at the daily chart, price action is testing a critical support area while RSI is indicating a bottom with the bullish divergence.
We had a nice bullish breakout last week and now I'm wait for a bullish entry as displayed on my 4 hr chart.
Taking a look at the 4hr timeframe, price action needs to break and hold above this descending channel before I considering buying.
Taking a look at the daily timeframe this pair is beginning to show lack of bullish momentum heading into CPI and a BOJ Interest Rate Decision. Other Yen crosses I'm noticing are also beginning to top off adding some strength to the Yen. That's it - That's all Trade Safe!
So I actually expect to see CAD strength following the Bank of Canada Interest Rate Decision on Wednesday, however it would be nice to see some weakness heading into the week. For that reason, I'm not looking to go short just yet, but on my chart I have a small up arrow then down arrow. That's what I'm hoping will happen. If not and I miss the trade... oh...
I don't usually trade any central bank meeting but my technicals in this case are really suggesting some further downside pressure with this pair. Technical Indications Include: Evening Star Formation with the last 4 candles on daily RSI Below 50 Fundamentals Include: Inflation cooling off Oil showing signs of a bottom Equity market may spark...
First thing I notice when looking at the daily chart, is the divergence with RSI and price action. Then I can also see we had a breakout below the ascending support. Now when I take a look at the weekly chart, this is what I see. The weekly timeframe definitely shows that the bullish momentum has stalled out. Indications of that include; RSI held below 70...
With everything going on, I'm looking to enter at 0.6585 with a stop loss just below the last 4hr candle's low. I do have a target set at 0.6678 giving this trade idea a 5:1 risk-2-reward. Reasons why I like this trade include: 1. Economic Calendar forecasts this week are for negative US data 2. Technically on the 4hr, RSI closed above 50 following a...
Clear topping action is beginning to develop with RSI confirming as bearish momentum is strengthening. With that said, I'm expecting a stock market correction after such a solid year of performance. Unless US30 makes additional fresh highs, I'm shorting as I expect to see profit taking happening in the days ahead. That's it - That's all Trade Safe
Should price action present itself with a retest of the ascending resistance I'll look for an entry to sell short. Additionally I'm looking for a least a bullish pullback of at least 38.2 to consider my entry. You can note my fib levels on the screen.