The Euro seems to be bouncing off the upper levels of a larger range. I am looking for the Euro to return to the middle of the range which is the first take profit. I will trail stop to that point, and allow the trade to continue toward the lower end of the range.
The divergence is indicating a move lower. Price action is having trouble making new highs.
Having a look at the WTI futures chart also reveals that oil looks to be bouncing. USDCAD tends to have a negative correlation with oil.
Stop is placed at 1.12640
The orange lines are horizontal resistance
Blue line is 1hr resistance
Black line is monthly support.
Looking for price action to return to the lower bounds of this range / consolidation period.
Stop is place above daily resistance.
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The over all trend has been down, while on the 4hr charts the trend has been up toward the upper bounds of the daily down trend.
The short term 30min chart is showing divergence and lessening momentum, as it approaches the upper bounds of the down trend. This divergence, which is indicating a move down, is a good place to enter short, and ride the larger trend...
Please see the linked chart as well.
The daily chart shows RSI divergence, indicating a move lower.
The 1 hour chart is now showing RSI divergence as well, setting up a nice point to enter.
Beware horizontal support at 136.48x, this area is a support/resistance point on both the monthly and weekly chart. A break of this point, and price could move very...
Waiting here to see what happens at this point. 189x area has become a strong resistance point. The most recent candle is still inside the prior bearish candles from 10/13 and 10/15, a break through the resistance and close above the 10/13 candle begin to look long, a close below the 10/15 candle look short. In the meantime just wait. Volume has also been weaker...
AUDUSD seems to be consolidating within a symmetrical triangle. Price recently bounced off of the .8660 low, forming a double bottom, normally a reversal pattern, but failed to create higher highs. If price were to continue downward the next strong support level is a 2010 low at .8369.
So wait for price to breakout of the triangle before entering and place a stop...
With price pushing up against this resistance area @ 1.28, which has multiple points of resistance (psychological, .50 fib retracement from early Sept, and horizontal resistance.) There is an opportunity to enter short, with a good RR ratio (2:1). With the overall trend being down, this trade would be in the direction of that trend. Use caution once price...
See notes on chart. Black lines are the bullish divergence.
I purchased 3 Jan 77.5 calls.
Price is beginning to pull back to the trendline for a better entry.
Buying picks up as price approaches the support line.
Volume is beginning to increase as price moves up.
See notes on chart.
3 week price change is 1.89%
PA could not form new highs all of AUG and PA is seeming to form a rounded top.
Price broke through support and and the trendline, but was pushed up by buyers today. wait on confirmation.
Buying DEC 130 Puts I think this gap will be filled before the end of the year.