About meTech guy committed to learning forex trading. I'm very much still learning but I publish my trades and ideas here as a kind of trading journal for myself, but hopefully other might also find them beneficial. Feel free to get in touch or provide feedback.
Price has broken through this trendline. Will enter on break around 1.738.
There could well be a reversal at 1.72 and retest of 1.74. Just sit tight or sell the first position and reenter on the re-test.
Morning Star derivative has formed at the fib 50% level and has strongly broken above recent short term down trend, suggesting that bulls have acknowledged this level.
We also have extra confirmation with Hidden Bullish Divergence and Stoch crossing out of oversold levels.
GBPUSD has had a nice bull run recently. Price did gap down at the weekend, but yesterday a bullish engulfing candle formed indicating that bulls are still in command. The signal has formed above a s/r area and is aligned to the recent trend line. Things could get a bit choppy midway, but the next major resistance is around 1.3370, where H-resistance intersects...
Daily pinbar rejection of the recent downward move.
Now because price moved aggressively upwards on 15/3 after the FOMC, it is possibly that price could continue heading higher. However its a pretty compelling signal and the previous downwards move from 2-14 march was strong, it's quite possible that this could signal a resumption of that down move.
AUD has been unbelievably strong recently. Price has broken above the dotted red trendline and retested the trendline on the 4hr chart.
Waiting for price to retrace to the blue 1hr trendline to enter long. Expect some resistance around 0.7710 but I think price could now make it to 0.7760 before hitting major selling.
There's so much going on here!
Morning star derivative/bullish engulfing signal
Trendline retested as support
Fib 76.4 retracement level
I think that movement may be quite slow pending this weeks FOMC. Obviously the outcome of that meeting could have a huge effect on this trade so trade with caution.
USDJPY has been in correction since January, but it's now at the Fib 38% and 100EMA levels appear to be providing support. Here we could see price break higher, but we need to see the red down trend line can be broken.
There is still risk that price could head lower to the fib 50% level if support breaks, so we need to be patient.
Highly confluent area where 50, 100 & 200 EMA's cross, ascending resistance and descending resistance meet and is also a fib 61.8% retracement level.
Be patient and wait for price to go higher and then a bear signal rejecting the ascending trendline.
Looks like a very good place to short from.
Today's US Crude inventory figures could be the catalyst to start...
The daily candle hasn't yet closed, but looks like a strong bearish rejection of resistance and bearish engulfing signal. NZDUSD has been in a strong bullish trend since December 2016 and the previous BE signal on 26-Jan failed, so we really want some strong confirmation that bears are in control now.
The top of the candle is just about piercing the upper...
Price is now showing clear rejection of the upper trend line. Bulls tried a couple of times to push through, but look exhausted now and bears are stepping in. Yesterdays bar clearly shows rejection of the 0.9600 level and also engulf the previous 2 days bars.
I'm hoping that price will now head to trend line support at 0.9100, but there is also previous support...
Price had broken the short term downwards trend line, and has retested previous support which appears to be holding. Price has been in a range since October and I'm trusting that price will head higher and retest resistance at 1.45. 1.45 is confluent with the top of the range AND long term sideways trend line resistance level so it's sure to be an area to watch.
EURPLN has now broken it's downwards trendline and price has started to reverse, bouncing off the Fib 61.8 level. This looks like a good opportunity to go long with a great R/R... IF price can retest the previous high.
- Stoch is crossing out of oversold condition
EURGBP closed below trend line support yesterday, presenting a nice opportunity to head lower.
Expecting a retest of the trendline as resistance, so will place an order entry 0.8598
Following yesterday's nice big Bullish Engulfing signal on the D1 chart, price has broken out of the recent consolidation channel and has retested resistance as support, giving us a better risk/reward entry and with some added confirmation that price is definitely moving upwards.