Sunday I was talking about a move up to retest the broken symmetrical triangle. Priced moved up higher than a retest, but I believe the body will still be the re test. My analysis is that it will drop now
I just noticed that Usd/Cad has broken out of a long term symmetrical triangle. This Triangle is more visable on a weekly chart. We are moving up now... but I am not sure if this move up will last no longer than about 47 pips or somewhere around the 1.31300 ..... This would be a retest of the broken symmetrical trangle and also a bounce off of a resistance area...
Details on chart. Lots of rejections... hoping for a big breakout and move up! This is a 4 hour chart and although many people draw fib retracements differently , I draw mine from the last completed swing high, to the swing low. Please Enter With Your Own Analysis because right now it is probably too early to enter long!
We are getting a rejection of that move down. Remember not to enter too early. The safest way to enter this trade is to move to hour 1 or hour 4 and enter with a moving average crossover! This area is a support area! We do have a double bottom at support if you move to hour 1 and earlier time frames you can see that not only is this a support area but also a trend...
Eur/Cad is expected to reverse soon like it did the last 4 or 5 times price has entered this area as highlighted on the chart with the green arrows. On the daily chart we have a double bottom and price is about to make a triple bottom if it can move down any lower. I am going to enter a buy on hour 4 with a moving average crossover of the 10 and 20 Simple Moving...
Eur/Aud is in a value area or (consolidation) The Trend Line Was Broken and Retested , Then We Have a Daily Red Candle Signaling A Move Down! The Retest happened at the .236 Fib Level and has been respecting fib levels on nearly every swing! If Eur/Aud bounces down from this level, because of consolidation, it could be a powerful move down! With all of this...
So this is a picture perfect down trend with everything falling into place! Price bounced off of every Fib Retracement Level ( See Black Arrows) Now Price is on the way down and price may just start retracing again at the fib retracement levels. I would wait and see before entering a short trade!
I see Eur/Gbp At A Level Of Support. If you look on this chart you can see that price bounced many times from these dark blue areas! Even furthur in the past there are more bounces from these areas! The Big Trend is down and I see this as a Retracement of the downtrend and I believe that Eur/Gbp will move up to the 382 retracement area which also so happens to be...
Pay Special Attention To The Fib Levels from the past! Everything really matches up nicely!
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.
Chart for details! Trending down and just finished its swing high along with RBA News resulting in a -7 pip swing. Trend Continuation. Sell.
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...
You can sell now. My analysis was on the daily time frame but my chart here is me entering on hour 4. Happy Trading!
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!
Multiple Daily Rejections on daily time frame and then a move down happened. Expecting it to go down more!