Considering the fact that this pair is trading above the 200 SMA on both the daily and 4 hour timeframes, I'm looking for buy entry areas in this ascending channel formation. On the chart I pointed out several areas which basically are along the ascending trendlines. If at any point I receive an alert of price action tagging one of these trendlines, I'll look for...
EURCAD continues to trade within a wedge formation. I'm waiting for either wedge support or resistance to break. I have my alerts set for when this will happen. Upon receiving one of the alerts, I'll then look for an entry point. I'm not one to jump in on trade the moment we get a breakout. I've learnt my lessons the hard way many times in the past with that...
FAIL TO PLAN - PLAN TO FAIL So this trade plan is fairly simple. Rules to Follow 1. First and foremost, we need a break and hold above the descending trendline 2. Second, if or once we get the bullish breakout, we need price-action to pull back approx 50% of the bullish breakout impulse. This setup doesn't need a full pullback to support, which is currently...
Taking a look at the 4h chart, price-action remains confined in a wedge formation. RSI is suggesting we might get a bullish breakout as this is now the third signal of a break above 50 in this current wedge. The 50% Fib Retracement level is also something important to note as the most recent large impulse was an impulse to the upside. See chart below. I do...
Taking a look at the daily timeframe, price-action is currently supported by the Natural Consistency Flow. At the same time we also have divergence with RSI hinting at a potential short-term bottom. Personally I need to see price-action now make a daily higher high (closing above the last candle). Once we get that third confirmation, I would be inclined to going...
EURCHF is back down to all time lows. I'm not just waiting for a bullish breakout to the upside to go long with this pair.
Taking a look at the 1 hour timeframe, we have some clear bullish divergence with RSI and price-action. Whenever we get a setup like this, price-action does tend to bottom out and is likely to push higher. The question now is "Will PCE come in better than expected?" As of right now, the economic calendar forecasts for weaker than previous figures. This may leave...
Taking a look at the 1 hour chart, price action managed to break and hold above two key levels of resistance that I marked up on my chart. Without a doubt there definitely is bullish momentum in play. RSI looks to break above 70. However, this morning from the US, we have Core PCE reporting so for that reason, I'm neither bullish nor bearish. The forecast is...
USDCAD on the daily timeframe remains heavily under pressure and now looks to close below the long ascending trendline which dates all the way back to May 2021.
Taking a look at the 4 hour chart above, we can see price action is trading within a wedge. I'm now just waiting for a breakout whether it's above or below. My intuition tells me, a breakdown to the downside is more likely with the bearish divergence clue were getting with RSI. Should we get a bearish breakout, I'll wait for a retest of the wedge support which...
Not sure the culprit for this sell off but needless to say, whatever it was might spark further selling pressure in the sessions ahead. Look out for some minor topping action. Might be able to find some decent short sells around these all time highs. Trade Safe!
4hr chart is very similar to the USDCAD setup that I just posted. Basically waiting for this 4hr candle to close out, then will look for a pullback to the upside with pending sell limit orders in place to enter on the sell side and target the level I mentioned on the chart. That's it - That's all Trade Safe!
Taking a look at the 4hr chart, we have several technical indications that we may begin to see some short-term bottoming action. 1. RSI showing strong bullish divergence. 2. Strong Bullish Engulfing Candle. With that said, I think if we get a dip within the next several candles, that may present itself with a decent low risk long entry to the upside. That's it...
The most likely scenario is for EURUSD to climb higher up towards the rising resistance. On the chart I mentioned "Bullish Target" which is where I believe price action is likely to trend to next. In the event I'm wrong, there are 2 bearish scenarios that I illustrated on the chart. So in terms of risk management if we can leave room to scale or add additional...
Taking a look at EURAUD on the 4 hour timeframe, you can see price action is holding below the most recent support zone. Typically when price action holds below a key level, it suggest further downside. Will that be the case this time around? Or will this be a fake-out as RSI is giving us mixed clues with the bullish divergence.
4hr timeframe is very aggressive to the downside. I personally cut my longs here and will wait this bearish momentum out. Not sure how low she'll go, but I'm thinking at least down towards the "Correction Bearish Target" Trade Safe
Very likely this pair will bottom and pullback to the 200 SMA That's it! Keep it simple. Trade Safe
Just a simple trade idea to diversify with a small long lot amongst other pairs. Worst case... it drops to the ascending support and then just add another small long lot. Best to trade this idea with other pairs and close out all positions as a basket. Trade Safe