RedStaR

RedStaR

GBP/USD has reached a critical point, lying on the support lines of a weekly uptrend, and also a monthly S/R line going back from the end of last December. It looks like the trend still has one more wave to go as it sets up for wave number 5, which could reach potentially to double the distance of the fourth wave. Going by the general market structure of...

RedStaR

USD/JPY seems to be forming a symmetrical triangle starting all the way back from late February, it is currently getting closer to it's peak, which would be a good time to trade breakouts. Since the triangle formation was preceded by an uptrend, it is most likely that the trend will continue. However, I will list the plan for each scenario. LONG: If price breaks...

RedStaR

Euro/Usd just hit 1.343, testing a previous resistance from mid June, forming a double top on the daily chart. Chances are high that this price will not break on the second test, according to bearish divergence on the STOCH indicator coupled with higher highs on the chart, therefore we have got ourselves a shorting opportunity with the following targets. Start...

RedStaR

AUD/USD is now on it's course for a bullish cypher pattern, once that pattern completes, it will in a PRZ to go long for a potentially large bearish butterfly pattern, which should find resistance at 0.94450. At which point it would a good price to short for another couple of hundred pips or so. Edit: Small error in the chart, point B of the butterfly should be...