We are in a long term downtrend. The correction seen in recent months on the daily chart seems to be over due to lower highs and fresh supply being created. Price is also below 200 SMA, 50 SMA and seems unable to break above 20 EMA. The inside candle signals a possible bearish impulse, so I expect a breakout to the downside.
I'm trying out position-trading. I am used to SD-trading, so position-trading/trend-following is new to me. I use long term trend, last years high/low, and reading price action to analyse the market. Here, I see a well established downtrend with alternating profit-taking and buy-ups before new selling. Buy-orders are currently building up. Still short bias, but...
We are still in downtrend, but still a lot of buy orders residing in the blue demand-area. Expect 50% FIB- rally from last high-low, followed by pullback to demand-area and then explosive upward move to upper supply.
I have identified several valid demand-zones. These are areas where buy-orders reside and are waiting to get filled. The pair is in an uptrend, so my plan is to buy every valid demand-zone until I get a loss. Then I will stop :-)
Price is expected to make new high. Monthly and weekly trend is up, strong demand and structure aligning with 61.8% FIB retracement. Possible impulse move up to 1.23% FIB. Target in the 0.77950-ish area.
Hello traders, there is no good reason why the AUDJPY should not take a nosedive on the monthly. Trend is down, driven by heavy supply and no real demand to stop it. If no big change in the fundamentals, there are at least 800 pips here if we get past the 74.250-area.
GBP is very interesting these days. There is a lot of uncertainty regarding possible Brexit. Some might position themselves for a big drop back to 2009-levels. So my general idea is to look for buy-opportunities on the way up to 1.52-levels and short from there - IF the Brexit happens. If NO brexit happens, I think the GBP will stabilize around 1.53-1.55 so in...