Here is my current trade explained based on an order block style strategy. Higher timeframe bias with the wick rejections whilst finding an entry on the 1minute timeframe with a very small stop loss securing a great RR. For a more normal intra day move, I've provided a safe stop loss. I'm only long should we breach this area
Higher timeframe usage here. We have a weekly pennant, with both trendlines starting to come into the picture. If you go back a month, we actually predicted this right shoulder forming and now we have perfect confluence. We had a very tight weekly trading area last week and we need to break this support for the next wave of bearish momentum. If it holds, expect...
SHORTS ARE ONLY VALID IF WE GET A WEEKLY BREAK OF THE SUPPORT. Let us break this down. We had a downtrend, followed by a failure to breach of the weekly support creating a double bottom. Since then we've had the pullback 61.8% usual retracement, which has held, creating another lower high for the next impulse move. Great RR here 1.65500 is the target which is...
2 potential reversals on 2 timeframes here adding perfect confluence to our fib levels and daily support. There's an Inverse Head and Shoulders on the Daily and potentially a Double Bottom on the 4hr timeframe. Shorts valid with a daily break of right shoulder and support. Great RR for buys!
Unless we get a pullback into the 61.8% Fib, sells only valid below the green support. Buys with break of channel.
Not massively keen of this but here's the outlook on AUDUSD with the confirmations.
Fib level, Double Top, Daily resistance and BAT ABCD pattern.
So downtrend was clear, until we hit the weekly support and formed a double bottom. Since then, we have new structure which is quite clear!
Clear break and retest back above this key area and we've had a bullish 4hr closure now to hopefully confirm the next phase upwards as well as it sitting on a key Fib level.
This is how clear charts can be and still be meaningful. Don't think 5 indicators and countless trendiness and zones makes you a good trader. Good traders identify the CLEAR zones, where the big boys will be trading to help ride the liquidity wave. This is about as clear as zones get. Buys on the retest, sells if broken.
The path shows what I think is most likely to happen. In reality I'd love to see the 61.8% and trend line retested. Personally I'm buying above the daily resistance just to confirm and prevent chop. Sells on break of trend line/61.8 level to test 1.30 if bad fundamentals align.
For the first time in months I'm excited to trade GU this week! So on the daily, we have a bullish pennant whereas on the 4hr we have a Head and Shoulders. What does that mean? Simple, we don't take the sell, as that goes against our higher timeframe bias as we're still in an uptrend due to higher highs and lows. We wait for that neckline to be breached and for...
Lots going on here, so pay attention. We have 2 clear zones, at the top and bottom of structure. Whenever we tap into either, we get forceful pushes. So we know if we get into the green zone, we're selling. Red zone, buying. Delving into structure, we have a descending channel and what appears to be an Inverse Head and Shoulders forming. This lines up perfectly...
We have 3 clear technicals here: Descending channel, Daily support and Daily resistance. We have just last week tapped into that resistance and 61.8 Fib level so I would favour sells below the support and a continuation of the market structure to move bearish. However, we have scenarios ready for buys as well
Downtrend evident here would need to see a break of the channel for buys and key resistance. Further sells confirmed with a close below support on the daily.
Pretty much the same as last week, that resistance is now clear. Sells? below the red line, look at previous candles when we've closed below there.