Price has rejected off 51.56 levels and a double top formation has been formed in the process. The overall picture shows we are in a ascending wedge pattern which can be clearly seen on the daily chart. We want to start shorting this commodity, so selling on a break of the counter trend line is encouraged. Wait for a re test before entering
Looks like a potential inverted head and shoulders pattern is forming, giving us the oppurtunity to enter long. Requirements for entry are: nice clean break of the neckline and a retracement period before heading higher.
Dropped into the 15 minute time frame to highlight a good oppurtunity to get into this short position. Wait for the counter trend line to be broken and sell on the retest....
We believe we are in a descending wedge consolidation period after the initial 5 wave impulsive move up. It is possible that wave (e) has just formed meaning we should be expecting a break out to the upside
5 waves seem to have completed with reversal candlestick patterns being formed around the 150% fib extension levels. Very nice RR with this trade
Looks like the correction to the first wave impulse down was rejected at 61.8 fib level meaning we are likely to see more downside movement. A good place to enter is on a break and/or retest of the TL. Risk management is key.
We are still in a long position that has been carried throughout the week. If an (e) wave has just formed then we are likely to see a bounce off the lower channel trendline. This is a riskier trade so a small lot size should be taken if you are opening a trade now...
USDJPY has recently broken the descending trendline on higher time frames telling me this price is at the beginning of a bullish run. We do however expect there to be a substantial pull back which will allow the more aggressive traders to take a sell position around 103.600 on a re test of the neckline of the head and shoulder reversal formation. The conservative...
On the larger scale we are still in a corrective structure. A Head and shoulders formation was completed last week and we have had a break and re test of the neckline. This allows us to take a short position before the price is going to eventually look to go higher. Keep Risk Management tight on this one
I don't usually trade GBP crosses (especially after Brexit) however they are all showing a potential bottom has been formed and I feel confident enough to take some long positions which will provide us with excellent R:R ratios. RSI bullish divergence is playing out and a break and close above 1.67500 will lead to a push higher
Going to be taking a smaller than usual lot size on this trade for obvious reasons of the impending NFP news. RSI is oversold and flat with the trend forming a lower low and a potential 5th wave ending. Excellent R:R as well and I wouldn't be surprised if we had bad USD data tomorrow.
Been waiting for the price to retest this level...now it has we can enter short. Good luck
We had the push down we were expecting but unfortunately stopped out on last week. Now we can buy from this bounce of the TL and can look for the price to finally break out of this descending wedge. RISK MANAGEMENT is key
Similar to my previous post on EURUSD. XXX/USD pairs are showing very nice price action at critical areas produced by counting waves. Expect an ABC counter trend move before we can enter and look to catch a 5 wave drop.
5th wave drop is complete and you can enter a long trade for the counter trend. However, we are going to wait for the counter trend to finish to allow us to trade with our overall bearish bias to the pair.....
ABC corrective structured appears to have completed, therefore we can now expect a 5 wave impulse to the downside. Conservative traders can wait for the price to potentially push a bit higher before entering short. This all depends on your own trade plan and strategy...Risk management is the key to trading
After finally breaking to the downside through the ascending trendline, we have now corrected and reacted off the back side of it. Subsequently, we are currently breaking through the counter move of the first impulse wave down and should expect wave 3 to unfold soon. Good Luck. Please ask questions/add your own charts to this post
GBPJPY looks to be starting Wave E in a triangular corrective structure. As well as forming a triple bottom, we see an inverted hammer forming on the daily. ....a break of the trendline on the lower trendline would give us cause to enter on a re test. If you trading plan dictates you to take the trade now, please lower lot size. Risk and money management is everything