MtxTrader

MtxTrader

Above we have a support trendline that remains largely unbroken save for the Swiss Franc Tsunami from a while ago. It seems that the market intends to hold it whole for now. Above that, there is a resistance zone that has remained unbroken during the last 5 retests. From this zone, price will either fall to the support trendline, or finally break through it and...

MtxTrader

Market has not even opened yet, and traders are already biased on this pair. In my opinions, we will have to wait for several daily candles to close to determine which direction this pair is heading. It could either fall to the red support trendline, or rise past the current resistance zone to the next one, which starts at around 110.50. Too early to tell for now.

MtxTrader

Depending on how price reacts with the resistance at which it is now, we may have a bearish channel on our hands. Additionally, if a strong bearish confirmation candle forms on the daily TF, there will already be a well placed short opportunity at the close of the first daily candle this week.

MtxTrader

Price closed Friday near a S/R zone after becoming overbought a week before. Now, it seems likely that price will fall to the red support trendline as a result of that, and the Earthquake that hit New Zealand. Therefore, it will likely follow the red arrow down to the trendline.

MtxTrader

As price approaches this zone around 108.70, it will do one of two things. Either it will break through the resistance and then retest it as support, or it will react bearishly to the resistance and fall to the area as shown by the arrow. Guessing by the strong up candles, and the long lower wick on the Election Day candle, I would expect bullish movement. Too...

MtxTrader

So we have price ranging in between a support and resistance zone for over a year now with a resistance trendline included. I have mapped out what I think is viable price movement over the next month, so it can go up, but likely down. I think down because of the recent bearish nature of this pair, as it broke the support trendline and price began to slope...

MtxTrader

Although deep down somewhere I knew that I was supposed to use zones instead of clear-cut lines for S/R, I just remembered. Up until this moment for the last year, I've been incorrectly plotting support and resistance. Figured that I would try it out on a weekly chart of CHFJPY. I started from the Daily TF and then went to Weekly because I wanted the complete...

MtxTrader

Solid support trendline with a resistance area at 0.7650 to 0.7750

MtxTrader

Not a bad ascending triangle setup, considering the fact that they are almost never perfect "textbook" setups. Since price is once again at the support trendline, this is an excellent place to buy this pair as it breaks past the horizontal resistance zone at 0.7760

MtxTrader

Another buy on the AUD as with AUDJPY, AUDNZD has completed (i believe) the down movement to the support of the first shoulder. I expect price to rise to 1.0730 at least, next week.

MtxTrader

Nothing lasts forever, especially supports and resistances. The red channel resistance trendline was broken as a result of the US election. And although I was looking forward to another short position on this pair, traders must always be adapting to the circumstances of the Forex Market. The extremely long lower shadow suggests buying pressure from the bulls....

MtxTrader

A buy opportunity on USDJPY will present itself if price is able to successfully break through the 107.4 - 107.5 area. The target will be at around the next area; about 110.6. I say successfully because often times traders must watch out for fake-outs (false breakouts that see the price go back into the range it was in before). This will happen next week, yet...

MtxTrader

US Election upset many pairs and volatility was insane. Perhaps now as markets settle down we can begin to find positions, at least with non-US pairs.

MtxTrader

AUDUSD has touched the support trendline of the ascending triangle 5 times now, also the horizontal resistance of the triangle setup about 5 times. Price climbs higher and higher, therefore I can safely buy this pair at a breakout of 0.7750 and then after 0.7850. I will be waiting for the "Last Kiss" for this setup, however it could take a couple weeks at least.

MtxTrader

Last week's bullish run past 1.5450 zone was unsuccessful. However, we now have an even more favorable setup. A double bottom has formed at 1.51; the setup even shows a higher second bottom, which is very much in favor of bulls. (Approximately 18 pips higher than the first bottom. The more aggressive traders can enter now with a stop loss at 1.5050, and a target...

MtxTrader

Just wished to point out these two major trendlines on the weekly chart of USDCHF. The red one must be confirmed with a third test, however, the blue one above it has had price reach it about 7 separate times. It still has not broken, but on the daily chart price will soon reach it.

MtxTrader

USDJPY reached 105.54 recently, as you can see by the horizontal red line. Then, we had a bearish last week as price dipped below 103.380 zone and retested it last Friday. A safe target I think would be at 101.50

MtxTrader

This week, price just met the resistance trendline of the bearish sloping channel. A bearish reaction seen by the price action as well as the MACD on the Daily chart. A very tested channel. Target at around 76.2 ish.