I am currently holding shorts on this pair. We have had a nice corrective structure on the 4H and a retracement and rejection off the 61.8 fibonacci level. We have also broke back below and retested 1.40500 monthly support level as well as broke the counter TL on the 4 hour. Currently seeing a small area of consolidation on the 1H time frame before i expect...
Late publishing but EUR/AUD long - key support of 1.39000 rejected on the pullback after creating a LH. We have now broken through the 2H 200EMA and currently sat just below the 4H 200EMA.
61.8% fibonacci retracement too coincide with further long entries and a CTL break on the 1H time frame to add to the long list of confluences.
New trading strategy i am testing out on the recommendation of another trader.
Key resistance level at 1.10 which triggered short entry
This key level of resistance also coincides with the weekly 200EMA and a CTL.
Exhaustion of the bullish run.
Lets see how this one plays out!
Trendline breakout on the 4H time frame, bullish momentum on daily and weekly after 1.0500 held as strong support. Expecting a small pullback/correction on lower time frames and a rejection off 61.8 fib level inline with 1.05800-1.05900 support level before a bullish trend continuation.
This is on my watchlist for the early part of next week!
For more trading...
Heading towards some critical levels now on GBP/CHF and expecting some big moves ahead and we have a few scenarios that are possibilities on where this pair is going.
Currently there is a lot of bearish bias on all GBP pairs so a break below the symmetrical triangle and another bearish leg to monthly support at 1.19260 is more than possible.
If we do break out...
Really like this EJ long setup - missed first long entry at the break of the trend line.
I will be now looking for a retest of the key 1.20800 support level. A retest of this level will trigger longs to 123.200 for me.
Looking for a potential long on GBPUSD.
Still awaiting confirmation but these are the key confluences so far and the key confluences i will be looking for prior to an entry:
Daily rejection from 61.8% retracement.
Yellen speech on Friday caused dollar to weaken in anticipation for rate hike
Wait for a break and retest of...
Upon the announcement of a most likely rate hike I believe we will see some pricing into the market based on the technicals present right now.
We have strongly rejected 1.05000 support and formed a double bottom, and appear to be breaking out of the 4H TL.
I will re-visit this trade after the weekend and on market open on Sunday!
Hope everyone had a good...
My view of GBP/AUD - as we can see we have respected a key level of 1.64300 on multiple occasions and currently we are retesting this resistance. 4H candles show lots of indecision and a possible exhaustion of the previous bullish run from recent lows of 1.62000. Daily TF also adds confluence with a doji formed on yesterdays daily candle. On the 1H TF it is clear...
61.8 fib rejection, a CTL will trigger a short entry down to target 1.39200. Monthly showing bearish engulfing pattern with the weekly still threatening to break below daily support of 1.41300. A clean break below this level on the weekly time frame should cause huge bearish momentum down to target.