Updating my last idea with a position just taken on GBPUSD first target area at 1.16600 and then hopefully alot more downside, stops will be moved to break even quick as we are seeing some quick movement.
Looking for similar situation as EURUSD and price to make that next leg to the downside. We are creeping into that resistance level once more so a rejection from here I will be entering short trades.
Another rejection off that resistance of 1.002 would open perfect shorting opportunity. Ill be watching price over the next few hours as we have already rejected it a couple times. If price breaks through this idea is invalid.
Ill be scoping entry's off a right shoulder move if price can one again fail another push to the upside. A strong finish to the week for US Dollar has shaped these pairs for there continuations for overall trends.
Will price reject the resistance of 1.18500 to continue the downtrend or at least take out the support of 1.17500 once again or will we see a break and new trend to the upside? Please let me know your thoughts in the comments!
Little breakdown on USDCAD for a small intraday trade. Looking to see if the price can rejected the area of 1.29600 again for a added short trade targeting 1.28800.
We seen price make that right shoulder move I explained yesterday and got the nice drop down, I took 2 entrys but will be closing half my position down at 1.28800.. major target level 1.27700 and as always stops moved to break even!
Just a bit of a reminder to always cover risk and never forget market structure. This is why I have already taken some profit on AUDUSD as the US dollar is still on a bull run in the longer time frame.. been a forex trader is about creating the best opportunities and limiting the amount of risk, this is why I believe the way I trade and analyse the market works so...
USDCAD is forming some nice price action and is the trade I'm most interested in at the moment. As explained I'm looking for price to make another failed attempt to push up then enter shorts off the back of that rejection.
We are looking like we are going to push higher but as always secure some profits and hold stops at that entry level to cover risk.
Still waiting for a setup to produce its self on EURUSD but I thought id update, I probably wont trade this pair until next week as price is in a bit of a free fall and needs to give some better areas for entry.
Still holding 50% with stops obviously moved to break even. Just as important to exit a trade, always be securing profit as the market with do what ever it wants when ever it wants!
Will be monitoring price around the current resistance of 1.30500 for some short trades.. Ill be waiting for more price action on the 1 and 4 hr before even looking at entry, if you are trading this level id recommend you wait for the confirmation right shoulder move as we are still in a steep uptrend..
Looking for price to make an explosive move to the upside off the level we are currently rejecting at 0.68500.. Price already showing signs from the current price action on the 1 and 4 hour!
Definitely on the watchlist for trades early next week as we should get a opportunity to catch these sell offs.. Ill be waiting and will try update before I take my position if the entry is there.
Looking for price to drop from around 1.91970, price already slowing down showing nice signs. targeting 1.89000
Still monitoring around support but hold stops at break even now as I don't want to stay stuck in a consolidating zone. Wouldn't be surprised to see a break as you must keep in mind overall direction.
Looking for price to make a move from 1.015 back up to at lest 1.025 to continue the 4hr sideways pattern. Look for price to rejection on the 1-4hr for confirmation to buy. If price pushes below 1.01250 this setup is invalid. Good luck!