Chart for details. A Picture Perfect H4 Channel.
Price has stalled at the top. To enter, go to hour 1 and draw a trendline under that last wave up. Price is near the break out area to the downside now.
Why? Because we have trend line support at that area. Why? Because we have a double top trend reversal formation.
And Then You Can see where the 618 was support in the past if you look at the green arrow.
So the trend line support area just so happens to be around the .618 and as you can see , traders took profits at that area the last time!
All of this...
Just To Give Everyone a good idea of how rewarding a triple top on the daily time frame is , just look at the green box from the past....
Look at the last big triple top (Even though there was consolidation in this triple top that made the breakout more powerful) , just look at the black trend lines to see how far down the trade moved after that!
This trade has...
Cad Chf Has A Daily Triple Top. If you use a Fib Retracement tool you can see that literally every level is acting as support.
This is a triple top trend reversal pattern on the daily chart. This means that price will move down very far and then the pullbacks can be up to 50 pips...
So we have the high , we need a low, then we need a higher low, and a lower low....
Jpy Pairs will be interesting this week. Chf/Jpy on the daily chart is under the 200 Day Moving Average which means that the trend is down.
Price shot up but begin to stall out at a area that had many rejections in the past. Price then began to move down but then the market closed before it could move down any more.
I would sell and take profits around fib...
The 200 Day Average Is Resistance. It looks like this will be a trend continuation and the down trend will continue from here.
BUT ANYTHING CAN HAPPEN! The Red Trend Lines is the other scenario! So its best that when you sell Gbp/Usd , treat this as anything can happen and use the take profit points just in case this is a new uptrend!
If you are trading the USD Pairs, look at AudUsd! Do you see the big long wick with all of the volume to the left? This is where price will most likely turn around! But look right at all of the wicks under this level! You can see the manipulation occured at this level nearly every time!
The plan would be not to trade after news but im considering trying to sell...
I just bought Nzd/Cad at critical support!
In 6 and a half hours , Cad News is expected to make the Cad very weak!
These charts are bad because im traveling and on mobile but I hope you guys can read them!
My Tp1 - 0.84685 , Tp2 - 0.85413
Please excuse my charts but all 3 of our take profits hit from my last aud/usd idea and now it is time to buy!
So we had our Trend Reversal , then we had a High! Then we just sold the low! Now we will have a higher high!
Tp1 - 0.68283 , TP2 - 0.68777
This is a clear level of resistance on hour 4 as you can see that price has tried to push up many many times and failed. I have been holding onto a sell now for a while!
Eventually price should fall! You can draw a trend line under the candles and put a entry order at the breakout of the pattern... Or set a limit order at a safe place.
This pair may still hang...