GBP is sideways across the board except for major moves from external sources (i.e. USD, JPY). CHF is also fairly neutral at the moment. Thus I am not counting on any big move, but technicals look good for the pair to continue in the uptrending channel.
We have a support zone formed by daily support and .23 and ...
We saw Sunday open with a gap below a key support level turned resistance. As the fall retraces, price action threw a doji on that level, and I am looking for the turn to continue to the downside.
The blue rays at 1.6096 and 1.5998 are where I have limit orders to withdraw 30% of my trade each (60% total), before ...
Short run double top tests resistance (blue) at 1.5810. Dojis form between the 50% and 61.8% retracement from previous June high.
Stochastics do not clearly confirm, though the indicator crossed over the 80 threshold the last time this level was reached. Can we chalk up the current non-signal to the noise of the ...
Reversal pin signaled on 4h downtrend (red), to return to daily uptrend (orange). Shorter run price tops are in blue, and take profit is set at an estimate between projected daily bottoms and short-run highs. Stop loss set below resistance at 0.9322
EDIT: Hammer, not hanging man. Terminology mistake on my part
Price action begins to form hanging man at the top of resistance range as stochastics are overbought. I'm jumpy when it comes to reversals on price action, it's most of what I trade, so while this setup is too early to trade as of yet, keep an eye for bearish confirmation.
A close above 1.3892 negates the setup
Double top formed at 1.0315, hanging man is found on every timeframe, though still in progress on daily charts. Stochastics overbought on most timeframes, and reaching those levels on daily. A bearish candle would confirm a reversal, and a break below the trendline spells a long fall for the Aussie
A break above ...
Classic price action signals reversal at top of daily channel on $EURUSD. Sentiment is bearish, awaiting confirmation on 4h and 8h timeframes.
Risk management puts 70% of TP at 61.8 retracement, and full TP at 76.4
Stochastics cross as price action turns around. 23.6% fib level meets resistance at 1.50283 that's where I place my first target. SL set at 1.48017, low end of the wick of previous bullish candle.
Be cautious: A similar trade setup failed in early February.
As Stochastics cross yet again on an admittedly weak bearish candle, is there any slowing down for the Aussie? This is what I envision any turnaround looking like, though I'm not putting a position on until it confirms below the higher trend line.
23.6% fib w/resistance: 1.0064, 38.2% fib w/resistance: 0.9933, 50% ...