Potential long off confluence of the following:
1. 2014/2015 strong resistance now support
2. Lower trend line of descending daily wedge
3. Most recent range was approximately 800 pips. It broke out of that range
on 2/22/16 and fell another 800 pips this week, completing the breakout pattern
very close to today's low
It should also be noted that the...
I like how price is respecting the fib levels after a break below a rising trend line. The 50% fib was touched this morning which happens to be where the 200 SMA (pink line) on 4H chart converges.
This morning I was looking to short this pair if we got a false breakout above .6713. Given the price action this morning, if the current 4h bar closes near current price (0.6679) I believe we'll see a retest of yesterday's low around 0.6622. The current 4h bar failed to retest the previous 4h bar's high--which happened to penetrate and get rejected off former...
Lots of resistance for this pair. This would be a great entry to take 1/2 off around 0.67398, move the stop to B/E and let the rest ride. Entry is well justified and could *very optimistically* lead to a retest of .62000. If defined resistance areas are broken, expect new highs and look to re-short at a better price.
Good RR short off the 50% fib from Sept highs. There is also a former pivot point that could act as converging resistance. First limit would be 1.3065--a break of that level exposes lows from 10/15 at 1.2832. Aggressive stop should be placed around 1.3175. If stop loss is hit, look for re-entry around the 61.8% retrace
This one I don't really have a technical reason why I'm shorting here. The wedge i drew might not be valid but I have a short bias on the yen pairs right now and I don't think AUDJPY has the strength to make it back to the previous swing high near 94.40.
Long off trendline. good risk/reward. this is a good level to get in a swing long if you set your stop to break even at the first target identified on the chart. maybe take 1/2 off at that level and let the other 1/2 go. could be a huge move up coming soon since this pair has an inverse correlation with nzdusd and that pair seems to be exhausted.
GBPJPY short down to descending trendline. I'm going to set my stop to break even once price gets to the dashed green line because that area acted as former resistance and could support another move up towards 175.000. Though, a short here is good RR and the pair might need to correct to entice more buyers before it makes new highs.
Momentum on monthly chart is crazy strong and a correction is sure to be near. I'm taking every opportunity I can to get short at good levels and set stop to break even when I'm up more than 30-40 pips. 1.5725 is just where it might initially hit some support but I would be more than happy to get long off this trendline and let it ride for a month once my stop...
Short off possible double top down to ~1.51174. Look for price to either find support there and go for another leg higher or break down even further to most recent support at ~1.49085
