GE gapped up on the last earnings release. The stock managed to get past some resistance levels as well.
The price action is forming a nice tightening range recently (as many stocks have over Christmas).
It may be worth keeping an eye out for a breakout.
CAT recently broke upward. There may be opportunity for continuation.
With Christmas near, let's wait and see what happens in 1-2 weeks.
Zooming out to a wider, longer-term view also shows potential for a longer-term trend move
Some interesting moves in EURUSD
1440 level held resistance on the H1
Market dropped after Fed announcement
Tight range and patterns provide clear areas to lean against. Decent risk reward whether long or short!
The 1.1360 is a reasonable area to look for getting involved as it is where the market showed support the last several European and US sessions.
If a double bottom, wedge, triangle, flag of some sort forms in this zone offering good risk reward I'd like to get involved.
Note: I am looking at intraday, shorter timeframes
EURUSD could be griding up to the next level of support turned resistance.
If a breakout long can get past the recent resistance it could be a decent play.
The SMA 50 on the H1 could serve as support if it moves higher.
Waiting to see if EURUSD breaks out long past the resistance zone.
Alternatively, if a support pattern appears in the lower zone it'd be nice to get long.
If it breaks down below the support zone, I'd look for bearish opportunities
Quick review of where USDJPY is at tonight.
The downtrend on the daily timeframe is still intact. Retracing a bit into the 105.65 area.
The 105.60 to 106.60 zone is the key area to hold if the down trend is to stay intact. If a set-up appears in this zone I'll look to short.
Gold could continue the down move for a bit further. This area represents a decent spot where you can risk a small amount.
Concerns are the time of day (late asia). However, doing a 1/2 size trade offers decent risk reward on a breakout that typically works ~50% of the time at 1.5X R/R
Starbucks gapped down on earnings recently. Price retraced to the 20EMA area. Volumes recently below average. If it can make a lower low and lower close below the 20EMA it can provide a bearish opportunity
UJ made a sharp move down. It is below the 50 SMA on the H4 time frame.
On the M30 time frame the market is consolidating in a small zone late this asian session.
Look for entry setups that offer good risk reward that can aim for the 112 area (previous support area)
Market is consolidating into a tighter and tighter range.
Possible resistance turned support from the H1 timeframe (blue line).
Will want to see if this breaks above and holds? Or does it break down and retest.
No position yet. Rather wait and see