On the daily chart the candle has closed below the 0.72000 level after two previous attemps. I am looking for a potential pull back to around the 72 level which is around the 23 Fib level also. I will drop to the 4 hr/1 hr charts for clarification. ADX is suggesting the move will continue lower. Lets see what happens.
In a longer term down trend. Looks like price may be tracing back to the previous support/resistance areas which is also the 50 fib from recent high/low. Looking for possible short entries around this area.
Monitoring the pullback, possibly to the 50% fib.
Look to short if price resists the resistance area shaded. Previous support area on the daily chart.
Await for the ADX above 25 and stoch to confirm downword momentum again.
Now on a downtrend <daily chart- keeping with the overall trend.
Price has been consolidating between the yellow lines. Looking for price to potentially break through and head toward the 38 fib. If price does break through some resistance along the way. Alternatively a break upwards to test previous high.
I am looking at the area marked for a possible short entry. This area is a previous support/resistance area. Also it is on a trend line and 23% Fib. The previous fib lines all show validity as each level respected. There has been a bounce from the 61%Fib and I am looking at a possible bounce off the 23 fib.
USD/ JPY In a down ward channel. Price has challenged the 101.500 level at the end of June and also 7th July. We have a significant well held support/resistance level from over 2 years ago and more recently this level held up.
Looking for price to either come off the upper trend line.
Or a break of the more recent support and trade the possible retest....
Price has gone through the resistance level. Looks like a pin bar may be confirming new support level. This area has acted as a resistance area for a while now.
Looking for price to go above pin bar by approx 5 pips to confirm signal.
If price breaks above the pin bar, price could head to the 94.00 level, which is'nt far above and most likely find some resistance there. If price does break above the 94.00 level then possibly could be going back to the 95.00 level.
GBP hit highest point since July 12. Appears to have rejected the area in way of nice pin bar on daily chart. Only reservation I have about this trade is that the pair on a upward trend. If price breaks pin bar low by 10 pips I intend to short but keep stop above high of friday's candle. Risk to reward would be to lose approx 55 pips to possibly gain around 110,...