Based on price action I believe a pull back is in order.
This is my actual trade for GBPAUD. Targets included.
=============================================== This was taught to me for free and I give it to you in hopes that you will make consistent pips with it. Does it always work? I will leave it up to you to find out. The basic idea is that when the daily opens we let the Asian market run its course until the Frankfurt and London Opens. As you can see I have...
Dollar looks like it's pulling back for the final time before a massive sell off. Contrast rising wedge on USD with falling wedge on EU.
Based on previous price actions and failure to make a new high with good US data.
Here's a trading plan that I am monitoring. Sell when price reaches target with a stop on the mean. My reason is that it failed to make newer highs from the previous day's close which indicates that there is no strength to carry it higher at this time.
Looks like the DXY bull run has waned for the time being. I'm expecting a pullback for a mean reversion trade on currencies. Short dollar long others...as usual watch out for news that could cause volatility spikes. I expect them to say anything at this point to keep the illusion going but we all know the drill.
I've added hourly open and central pivot to ScratchiCloud for those who like using it. You can use the white line as a mean reversion trade for counter trend trading. You can also see where hourly support is and if you are above or below it.
Based on February 2015's prior support and resistance this gold line will probably serve as a good long target on EU in the next coming days. Good luck!
This is an example of how the daily range can be traded using the SC indicator. SC is a pivot point based S&R indicator. It simply allows you to see the immediate price pivots inside a specific range of candles. I have labeled this chart with break downs, break outs and range positions. Inside range pivots high to low can be traded with your normal indicators...
Using a 2/2 Deviation length probably provides the earliest entry point for a breakout. You will have to determine what kind of risk you are comfortable with. The larger the number on the left the longer and more reliable a breakout will be. The short number on the right is smaller to catch bear momentum. Always trade in direction of daily candle for best...
Broadening descending wedge will ensure a ranged bounce back to resistance if it doesn't continue to break down from here. Be ready to short on a break and retrace back to support or go for a small long if support holds for a few pips to the up side.
I was discussing this with another trader the other day. This setup may be building into a sideways range. This is a good place to make pips for me but others may find it to be a bunch of whipsaw. Just wanted to post this as a warning for anyone that is thinking about possibly trying to trade this currency pair.
Looking for a small pull back for a measured move completion on support/resistance on EURAUD to complete the top side of the pattern. As always wait for confirmation on weekly opens and beware the gaps. Idea came from @NicoMuselle. Thank you :0)
This is my idea for a consolidation bullish breakout based on last week's close. Target 120.70 and maybe a bit higher before pulling back. Good luck.
Failed - Here's my idea for intraday EURGBP solution after last week's close. I expect it to open gapped down and retrace back up completing an inverse head and shoulders. Purple is weekly price action support going back to 2008 ~ 0.73987. It should hold.
Pull back to support on USDJPY H4 for a few pips today.
Looking for a restest of resistance on GBPJPY H4 over the next couple of periods.