Expecting one more drive down here to complete the lower degree 5 waves of wave 1. Wave A is also usually an impulsive corrective wave so I would expect to see 5 waves, either way signals a higher likelihood of another wave down.
Currently at a 0.764 level and price action is flattening on lower time frames.
EURNZD Is in a downward move, potentially we are seeing a wave 4 in formation, also a bearish pennant. Looking for additional short positions.
AUDUSD appears to be entering a corrective structure, with an A wave in progress. Fundamentally people are saying there was no real catalyst for this latest move up, ...
The impulse move to the upside seems to be losing power, a breakout of the near support could see a run down to the longer period trend line support.
Waiting for the break,
Trading Journal Only please use your own tested strategies and good money management.
Trade Journal Only
Testing a simpler system as I have been much busier with family and working hours, look for another close lower and add to the position making total position size 3% stop at the top of the wick.
Once again trade a safe system this is my trade journal only.
I have been watching for this anticipating that price would not break out of the daily trend line to the upside, for now I have opened one short position, looking for confirmation and additional positions on lower time frames to add to the position.
For my trade journal only, use good MM
On the longer time frames the sentiment appears bearish, with the monthly and weekly charts strongly indicating this.
On this much shorter time frame we have a number of potential opportunities on the near term horizon.
1. A corrective breakout of the move to the ...
On the GBPUSD I am looking for a bounce on the bottom of the channel or a breakout.
Looking at the bull wave there is a wave 1, 2, extended 3. This pullback could be a wave 4 and the bounce a 5.
Longer time frame shows a likely bullish continued move back to the trend line resistance area.
Either way I am ...
Looking over the AUDCAD the daily has broken through a trend line resistance. The 4 hour shows a classic 5 wave structure. It would be reasonable to expect a break at the top of this wave 5 as I see it into a corrective pattern.
On a shorter time frame I will be looking for long setups until this wave 5 trend ...
There is a pullback in a channel formation forming
The 4 Hour is hovering around the trend line, however the 60 minute is showing a lack of bullish power.
I will look for a trade entry breaking below the channel
Price reaching 1.11000 may see a push to the upside, with long orders triggered.
Watching to see.
There is a possible setup on the 4H at the end of the consolidation.
The 4H has a complex corrective wave 4. This Kumo breakout could be the beginning of a wave 5 to the upside.
No trade until confirmed
Use your own system and good MM, this is for my trading journal only.
There is a triangle forming in the USDJPY lower time frames.
The wave 3 breakout trade was cancelled
If this is, the end of the corrective structure we could see a big push to the downside.
At this time I am neutral as the bigger picture price action is also consolidating to a smaller point wedge