Two Long ideas: If we respect this support region we can see a long towards the monthly target. Otherwise, We'd like to wait for a deeper retracement before longing again. A riskier trade is to short on the break or wait for possible head and shoulders, but if your entry parameters satisfy, you can enter a short on a smaller %. RR Trade One: 1:8.41 RR...
On the monthly TF we are looking for buys on the retrace. however, this gives smaller TF trader a potential opportunity for a temporary downtrend. Right now we are testing a high of the monthly. If we respect the high and successfully test it as resistance, then we could look for a fall to TP 1 (1.3680 area), possibly TP 2 (the 38% fib of the weekly). The next...
We are currently in a short on this pair (see our last update on this pair), however, we are approaching a monthly support zone. We are expecting a small move upward which would allow us to make money on both sides of the trend. Otherwise, we will exit our current position, wait for the retracement and short again on the pullback. Waiting for our entry...
Confirming the 1549.44 level as support and respecting 1589.66 level as resistance we can infer that we are trading in a sideways range until we break out to the up or downside. However, we noticed price making signs of reversing at the 1574.78 level which is in confluence with the daily structure and 61.8 Fib on the daily impulse leg. Placing our TP at the area...
We see that the 69.96 level of resistance is being treated as support on both a daily and weekly timeframe. The completion of a harmonics pattern was confirmed with a bounce to the neckline. Now we are looking to enter again but hit the body of the neckline this time. However, because the 71.21 level was respected as resistance once we will monitor that area for...
After price finally broke above the 141.10 level of resistance it started to treat it as support on both the weekly and daily timeframe. We have two opportunities presenting themselves on this pair. We have a shorter target to the 144.34 level or a longer target to 149.79. There is a descending trendline forming a bullish pattern. the level of structure also lines...
As you can see the completion of the harmonics pattern was accurate giving us a nice profit last week. After cashing out we are currently counting another entry opportunity. This trade is a bit riskier (see R:R). We already exited with profit on the bullish run which means we may not get optimal reentry opportunities. As always we are waiting for our entry...
EURCHF is testing major monthly support. This inherently creates a big bounce in price. However, we are coupling that with a weekly harmonics pattern. These parameters are very attractive as the pattern usually tests the neckline. Consequently, our TP level gives us an amazing R:R. Waiting for our entry conditions to be met before entering. The risk to reward...
We have successfully tested (depending on how you count it) tested weekly support 7 times and closed above the area of structure. Our first TP area will be around the 55.12 level. This is where daily/weekly show resistance and aligns with the 50% fib of the daily leg. Waiting for our entry conditions to be met before entering. The risk to reward is 1:3.35 Good...
After closing above the weekly support the bat pattern on the daily timeframe has been completed. There is another harmonics pattern on the higher timeframe with a neckline that aligns over the 38% fib level and structure. That level (0.6762) will be our TP1. If price can break past that level of potential resistance then we will go for TP 2 0.6855. Waiting for...
OANDA:USDJPY We are still short on USDJPY. Price is currently sitting at a weekly resistance: Our current setup has a R:R of 4.6. We are waiting for price to develop further and take it down to the bottom support at the fib level 78.6%.
Looking at GBPAUD, we could have a variation of a head and shoulders pattern. Currently, we are short on GBPAUD, taking it to the nearest support. If the neckline breaks, we could see the price go to TP 2 and TP 3. Right now we are not targeting those profit points but they will come into play when we see a break and retest of the structure making price fall...
We are trading a simple bounce off support on Oil. Our plan is to take this to the next resistance zone.
We are seeing a triple top on the weekly CHFJPY chart and possible rejection of the 61.8 Fibonacci level. We are currently short on the pair taking it to the nearest support zone. The lower timeframe is seeing a rejection, a weekly close below the 61.8 would be beautiful!
We are currently long on GBPAUD targeting 1.89950. We have a double bottom on 1H support, 4th leg of a bat pattern and forming a higher low on the 4H. Share your thoughts below!
EURJPY completed a Bat Pattern on the daily chart and reached a weekly resistance. We are now short on this pair with a risk to reward ratio of 4.45. On the 1H it created a double top which serves as a confirmation for entry. Weekly Chart with Resistance:
We are currently trading the 4th leg of a possible butterfly pattern. You can also see that price has been using this middle price point (orange circles) as a pivot point. When looking at the green circles, you can see price is creating structure indicating higher lows. Our R:R on this trade is 3.32
We are currently trading the 4th leg of a possible bat and rejection of a daily resistance. Our target is the bottom support zone.