I have something resembling a symmetrical triangle, but it's not confirmed yet. Firstly, the support and resistance trendlines only have 2 points, which means they aren't validated at all. By only trading validated trendlines and zones with more than 3 points, one can increase their success ratio. If price falls from where it is now to the support and bounces...
Price has been bouncing up off the support trendline ever since mid January. The trendline is a valid 4h trendily because even though the wicks reach below it, price never closed below, the bulls reversed it. Now, on the very last 4h candle of the last trading week, sellers pushed price below the trendline and the candle closed. I take this as confirmation of...
Even though AUDUSD broke the major 4h support trendline in my earlier posts (linked below), there is still not a lot of movement down. AUDUSD is not particularly weak, and USD has received some bad news regarding GDP, so I wait. The only thing halting price from falling, technically speaking, is the presence, once again technically speaking, of the short term...
So here, I'm trying out a new strategy. Stochastic is overbought and has begun moving downwards. Price has made a lower high while the stochastic has crossed under 80 after being overbought.
EURCAD is overbought on the 4h time frame, and price was rejected from resistance at 1.4100 I see this area as a supply zone, where sellers will be entering the market.
If you'll remember I shorted AUDNZD from 1.0709 last week due to the broken support trendline, this support trendline was the support for the triple top on the 1h. On the 4h, we have a head and shoulder formation. I drew this up last night and expected another move to 1.0710, but price did not breach 1.0700. Now, we can see that the neckline was broken in the...
EURGBP 4h chart - I see a downwards channel, with a validated support and resistance trendline. Price is overbought on the Stochastic RSI and at resistance, so I will be looking to short when: - A bearish 4h candle closes, preferably engulfing - Stochastic RSI crosses under 80 and closes there. (Trendline must remain intact, meaning price cannot close above it)
GBPJPY has been in a symmetrical triangle since 2017 started, but last week on Friday a strong 4h bearish candle broke through the support trendline. Price dropped, but due to JPY weakness and probably because it's a new trading week, price is now going up to retest the support trendline as a resistance trendline. I will be looking for the stochastic crossover...
Price first broke through the support trendline, and then through short term support at 0.7187 I am initiating a short position, which accounts for NZD weakness in addition to USD strength - on a lesser scale. Simple Price Action is Key Patience is Key
Price underwent a resistance trendline and surged from $200 up to the high $200s, about $290. On the chart I have upper and lower bound resistances and support. The two support and resistance lines, when combined, result in a price buffer zone. Between these two zones, price has been ranging ever since the start of 2014, with early February 2016 being an...
Nothing is definite yet, but I will be looking for signs of possible Euro weakness, on this chart, and on other Euro pairs. This trade setup is similar to how I shorted GBPUSD towards the end of last week, using the Stochastic Oscillator and selling at resistance I called this setup a symmetrical triangle but the resistance trendline was broken, mainly due to...
Like I have been saying over the past couple of days, AUDxxx pairs are reversing from their bullish trends, and AUDNZD is one of them. Above we have a support trendline above which a triple top formation formed. - The neckline support of this formation was broken in a very strong bearish candle. Additionally, a greater support trendline, the larger one we...
Price has opened at the support trendline today Stochastic is oversold and currently turning upwards from that area. Weak CAD can be seen in both USDCAD and here, EURCAD. Not too good R:R ratio, but this trade fits my technical strategy so I will take it. Have less emotion, and be more patient. Good luck comrades.
Just as I explained in my previous post, USDCAD is going up. (I linked it to this one) Price bouncing up off support after rejection - this rejection is clearly seen by the long lower wick of the candle below the trendline. This chart is the same as previously, but it shows how I am trading this. Price should comfortably retest the resistance at 1.3210, but my...
If price falls to the support zone at 111.65, I will be looking to buy in this oversold market. If anyone trades with a Stochastic RSI or just a plain stochastic, they will see that selling when it reaches overbought and price is in a downtrend or ranging, is profitable. The same goes for buying when the stochastic is oversold and price is up trending or...
AUDxxx pairs have been hauling ever since 2017 started, AUDCAD being one of them. Yes, there are a lot of circles. They each either highlight the 1.0155 resistance, or 1.0098 resistance. So, price reached 1.0155 most recently, had a bearish reaction, then broke 1.0098, then broke the support trendline. The nest major support below price is at 0.9857 so my...
1H symmetrical triangle inside of a 1W symmetrical triangle - post linked. I see this is a bearish continuation setup, but I am ready to go long as well. On the weekly idea that I posted, linked below, price still has some room to fall before coming into contact with the support trendline (weekly chart). With that said, It could reverse and go up, but I am...
I definitely don't have this amount of patience to find out if my idea is right or wrong, longest TF I will trade is daily, the shortest is hourly. With that said, some of you may like this idea and setup, it is self explanatory. Possible break of support (could be a bounce as well), leading to a several hundred pip drop.