IF YOU LOOK AT THE TREND-LINES I HAVE DRAWN INTO THE CHART, YOU WILL REALIZE THAT THIS PAIR HAD BEEN TRADING WITHIN A CHANNEL FOR A WHILE AND FINALLY THAT CHANNEL WAS BROKEN. I AM NOW WATCHING TO SEE IF THIS MOVE UPWARDS WILL CONFIRM THE BREAKOUT BY GIVING US A RETEST AND THEN FORMING ANOTHER BEARISH LEG. CONFIRMATION AND POTENTIAL SETUP REQUIREMENTS: 1. STRONG...
MARKET IS CURRENTLY HOLDING STRONG MONTHLY RESISTANCE WHILE APPROACHING THE END OF ITS TRIANGLE FORMATION. WITH POSSIBLY WEAK FUNDAMENTALS AHEAD FOR THE EURO, WE COULD SEE THE SUPPORT REGION MARKED IN BLUE BROKEN AND THEN FOLLOWED BY A BREAKOUT OF THE TRIANGLE AND THEN ULTIMATELY GIVING US A MORE LONG TERM MOVE.
My weekly supportive area has been successfully broken and beautifully retested. I am expecting further downside pressure for the rest of the month and maybe into the next month as well. Updates will be posted as more candles begin to form
Very bullish weekly structure forming for the dollar. I am waiting for the resistance break out which will allow us to move to the 100 dollar psychological region that was recently tapped. If this region is able to hold we might have a beautiful head and shoulders pattern. Chart updates will be given as the candles reveal the markets intentions.
CLEAR BREAK BACK INTO THE PREVIOUS REGION WHERE PRICE RANGED BEFORE
NECKLINE HAS BEEN BROKEN, GIVING US OPPORTUNITY FOR A LONG POSITION WITH THE SAME TARGET AS THE ONE LISTED IN THE CHART
BEAUTIFUL REJECTION HAS FORMED ON A KEY RESISTANCE LEVEL WHICH WILL BE ACCOMPANIED BY A LOT OF WEAK AND DOVISH NEWS RELEASES FOR THE EURO IN THIS COMING WEEK.
WE ARE BACK AT RESISTANCE AND POSSIBLY GOING TO GET A DOUBLE TOP FORMATION IF MONDAYS CANDLE IS ABLE TO CONTINUE THE START OF THE BEARISH MOMENTUM, I WILL HAVE A SHORT RUNNING ON THIS PAIR.
ON THE DAILY, WE HAVE AN INTERESTING DOUBLE TOP FORMING. TO BETTER THE RISK TO REWARD RATIO, I BROKE DOWN THE TRADE INTO A SHORTER TIMEFRAME WHERE I FOUND A HEAD AND SHOULDER STRUCTURE FORMING. WE ARE STILL FORMING THE SECOND SHOULDER AND HAVE NO CONFIRMATION YET OF THE TRADE.
BOUNCING OFF OF WEEKLY RESISTANCE WELL WITH GOOD RISK TO REWARD
The senario if we were to ever see another market crash as significant as 07
A new head and shoulders pattern seems to be in formation as we have started creating our right shoulder. The bullish leg we recently had, has come to an end as price reaches resistance (which is proving to hold strong). From here Im looking at a take profit region around the neckline of our formation and if it is broken successfully then the extended tp has also...
64.02 region must hold strong in order for us to see another bearish leg unfold to 56.35. Once we reach this supportive area, I expect a bit of sideways movement before confirmation of the next trend (be it bearish or bullish)
This week, Im expecting a lot of dollar strength. DXY has started moving up as well while most of my dollar pairs have reached support or resistance and started forming their reversals.
THE BULLISH LEG I CALLED IS NOW COMING TO AN END AS I BEGIN PREPARING MY SHORTS. I WOULD HAVE LOVED THE MARJET TO PUSH JUSTA BIT HIGHER AND TAP MY TRENDLINE BUT OUR DAILY CANDLES ARE TURNING BEARISH WHICH ALLOWS ME TO START PLACING SHORTS
SUPPLY AND DEMAND STAYING CAREFUL WITH ALL THE BREXIT NEWS AROUND US. TIGHT ENTRIES AND TIGHT STOPS ARE IN ORDER