Heavy Retracement back to 1300 for XAUUSD
Major Confluence zone as A) THis was the same key level we broke to confirm downtrend after several Lower Highs
B) This is the 61.8 retracement level which has been rejected multiple times on the 4hr time frame
We are in Over Bought territory with reversal Candlesticks ...
We have broken out of downtrend structure on GBP/JPY
Im expecting simple ABCD patter to 128.500 as we retraced to the 78.6 fib level
Multiple structure breaks and higher lows/ higher highs as moving averages are pointed to the upside.
Happy Trading and Thanks in advanced!!!!
Nice Bearish run On Eur/Usd as we did hit the D extention!!
We also are retesting backside of bear trend that once broke and are extremely close to Monthly Support
Great Risk reward trade as we pull back up to retest broken support.
Eur/Jpy Is getting ready to turn to the downside as we reach the high point of this downtrend structure.
4hr Moving Averages crossed to the downside as this 4 hour candle should close as an inside bar.
This is a great supply zone on the daily timeframe as well. As long as we hold below 115.00 trend will resume ...
With Oil prices surging we should see some bearish activity on USD/CAD ending the week.
Short term wise i believe we will see price come to weekly support @1.3150
Longterm wise we should come down to monthly support which happens to be our fib extention level
Await break of counter trendline and Moving ...
Eur/Jpy has broken overall uptrend structure on higher timeframes so dropping to the 2 hour time frame and measuring key levels with fibs isnt a bad idea. This past week the 114.000 level has been holding firm as a resistance point for this structure which happens to be our 50% retracement level for our last swing ...
GBP/CAD has been in a Downtrend for quite some time!
We have a break of monthly inner structure downtrend
Inverted Head and shoulders formation off MONTHLY Support
The Last 2 weeks have closed as Dojis/ Indecision Candles
LONG IS NEAR!!!!
Simple breakout trade.
Break of trendline/ Retest which happens to be the 78.6% retracement level of the start of this down move.
Weekly resistance broke just a little, Ill be looking to short once we break back below 1.3150
Gold Has broke our Wekkly downtrend move & is showing signs of Bullish momentum.
This pair came back down to retest weekly Support and ended last week with a Bullish Engulfment.
3rd touch to trendline seems to be holding as well
We should see this pair shoot to 1400 in weeks to come!
Stay Tuned :)
I will be watching this pair as I see Bullish Momentum on higher time frames.
We are currently trading near the 78.6 Retracement level on the Monthly timeframe.
Here on a lower time frame, I see it wants to break our down trend structure.
If we get a Break of Trend on the Daily, Ill be ready to go long! ...
USD/JPY has rejected the 78.6 Fib Level on this bullish trend. I'm waiting for it to pop above the 61.8 fib retracement which should break short term down trend.
Waiting on Price Action
Bearish Volume has steemed out.
*Inverted Head And SHoulders
*Bear Volume running out of steam
*Wicks to support
*Broken Downtrend Structure
*Major Monthly Fib holds as support
*Moving averages ready to cross on higher time frames
Wait For Break of trendline/ retest before entering
EUR/USD Expecting a retest of the 61.8 Monthly Fib level (Blue zone)
Stops 10 pips below our 50% Fib on the last bullish leg
RSI Over Sold
Still waiting for MA's to Cross