CADCHF is displaying an ascending channel since September 21st. We can see price ranging upward between these two support and resistance channel lines. Currently, the price is at the 200 EMA. There is a single 4H bullish candle forming at the 200 EMA which is s slight sign of bullish rejection here. This suggests that we could see price reject at the 200 EMA and...
Caught a nice long trade today on AUD/JPY. Price recently reverted to an area of the previous resistance around the 76.60 level. Price showed confirmation of rejection at this level following closed bullish 4H candles. The MACD and RVGI also showed signs of a trend reversal by displaying signal crossovers. The RSI was also oversold. Therefore, a long trade was...
CAD/CHF price has been in an ascending channel for a few weeks. We can see the resistance zone level (1) @ 0.6921 where price has touched at this level, retraced back to the support line of the channel before reaching resistance again, and breaking through to the resistance line of the channel pattern (2). Price then rejected at this line and reverted back to the...
In this ascending channel pattern, the price has recently reached a previous supply level at 0.7265. I will be looking for a rejection of the supply zone at this level before taking a long position. I will identify confirmation of rejection at the supply level by a closed 4H bullish candlestick, and a cross over of the MACD and RVGI, which can already be seen to...
AUD/CAD has retreated from its resistance level at 0.9636 and has retracted down to support level 1. Following this move, I anticipate one of the below scenarios to follow: 1. Price rejects at support level 1 and price reverts back up to the 0.9636 resistance level. If this occurs, I will wait for clear confirmation by a closed 4H bullish candlestick and will...
EUR/AUD has returned back to an area of support around the 1.6355 level. Previously we have seen price hit this level of support and then retrace upward towards resistance. We could see bulls come back into play at this level to drive the price back up to the area of resistance. I will look to enter a long trend following confirmation of bullish candlesticks...
The 4H chart is showing the formation of a possible double top. If the price continues to fall down to the neckline, we could see a nice short trade set up here. The MACD and the RVI indicate that price may temporarily reverse as bears come into power. Confirmation? I will wait for the price to break the neckline before entering a short trade.
GBP/CHF has been in an ascending channel pattern recently, with a possible double top forming. What is a double top? A double top occurs when the price moves upward and struggles to continue its bullish momentum and so it returns back down only to move upward again (forming the neckline) and reverse at the same price level. At this point, we look for the price...
I caught a nice trade here yesterday on AUD/NZD. Price had recently broken through resistance, and we saw a strong bullish break out move. As the bullish momentum slowed down, we saw bears come back into power and drove the price back down to resistance. At this pint, we need to look for 2 actions: - Either price will break through the resistance level and...
A nice short set up forming here. Price is currently within the resistance level. I am looking for further confirmation from bearish candlesticks to show rejection at resistance. One price crosses the trend line at 0.64990 I will look to short this pair, providing that the RSI, RVI and MACD all show signs of a bearish move.
The 4H chart is showing an ascending channel. After a bullish breakout above the resistance level, the price has now turned bearish and reverted back to the support level at 0.6531. We could see price retest this support level and turn bullish again, or the price may make a break below this support level and continue this bearish move. Given the position of the...
On the H4 chart, we can see a bearish pennant forming. A bearish pennant is a bearish continuation pattern. Before entering a short position, I will wait for confirmation by a break in the support trend line. I will also be checking the indicators for cross overs (RVI, and MACD) to show signs of a bearish move and potential overbought regions of the RSI. I am...
AUD/USD is displaying a bullish continuation pattern in the form of a bullish flag. A buy order has been placed just above the resistance line. A break above this resistance line would indicate a continuation of bullish movements following confirmation of a potential continuation of an uptrend. - The RVI cross over further indicates a potential buying...
EUR/CHF is currently displaying a bullish pennant flag pattern, which can be seen on both the H2 and H4 time frame. I will be awaiting confirmation for a long position. I will be looking for price to break above the upper descending trend line to provide an indication of a continued bullish move.
Nice short trade taken earlier today on EURGBP. The pattern is a double top with a nice break of the neckline displayed by the black trend line. Chart patterns are one of my favourite trade set ups.
EUR/JPY is hitting support at around the 121.90 level. We could expect the price to break through this level of resistance or we could expect the price to hit resistance and then pullback to support at the 120.489 level, creating a short term sell opportunity. Both the MACD and the RVI are yet to show signs of the price potentially pulling back and so it may...
I am new to trading so I am open to any feedback on this analysis. GBP/USD 4H chart has displayed a double top pattern which could suggest a potential sell entry. Look for the break of the neckline before entering. Perhaps set a target at the 1.25140 level at the 38.20% fib level