On the 4H timeframe, There was a formation of a Bearish Hammer pattern on the 50% fibonacci level,and the 21 SMA also crossed at this point, marking the point of confluence and entry point.
Or enter above yesterdays close on the Daily timeframe, SL below the yesterdays pattern.
Weekly Trend: False breakout formation at the top of the uptrend signaling trend reversal
Daily Trend: Engulfing bar formation at the top signal of reversal
4 H Trend: Double top formation followed by breakout, waiting for retest to sell
Entry point: 141.630
Stop loss: 142.300
Take profit 1: 140.110
Take profit 2: 139.596
Weekly Trend : Uptrend but reversal pattern is formed on top in the form of a Railway track pattern (Tweezer tops) and a nicely formed Engulfing bar as last weeks trend movement
Daily Trend: Double Top formation to indicate start of retracement move, Engulfing bar formation as last candle of the week (on Friday)
4H Trend: Nice downtrend formation, waiting for a...
Weekly Trend : Uptrend but reversal pattern is formed on top in the form of an Evening Star with a Shooting star in between and a nicely formed Engulfing bar as last weeks trend movement
Daily Trend: Double Top formation to indicate start of retracement move, Engulfing bar formation as last candle of the week (on Friday)
4H Trend: Nice downtrend formation, waiting...
A Double top formation was formed on top of the trend signalling the start of a corrective move, therefore we will trade the correction from the 20% fib level to the 61% fib level for a 1:2 risk to reward ratio
Monthly Trend: formation of Shooting star on the monthly chart
Weekly Trend: formation of a descending triangle pattern and breakout of the inside bar pattern formation
Daily Trend: Waiting for retest and trade signal formation at point of confluence because price broke on the downside
4Hour Trend: There was a break out of a symetrical triangle formation thus we...
Monthly Trend: there is a trendline breakout and retest forming a Morning Star formation on the point of confluence
Weekly Trend: Formation of the Morning Star Formation or Engulfing pattern at the end of the week
Daily Trend: Waiting for retest of the Engulfing bar formed on the weekly trend and trade signal to be formed at the point of confluence.
1:3 Risk to...
Waiting for retest of the breakout on the descending triangle formed
Monthly trend: Shooting star formation
Weekly trend: trend broke out on the downside of the inside bar formation(2 red candles)
Daily trend: Waiting for trade signal to form on the point of confluence on retest of last weeks downtrend
1:3 Risk-Reward ratio
There is a point of confluence on the Daily Chart.
1) Formation of the Shooting star and followed by Engulfing pattern
2) Reversal on 60% fibonacci level
3) Reversal on support turned resistance level
4) 21 SMA close to point of confluence
NB: This appears to be the second wave of the trending market.
1:3 Risk to reward ration
Entry on H1 timeframe as there was apoint of confluence.
1) Retest of broken trendline
2) Retest on the 50% fib level
3) Retest on 21 SMA at the same level
4) Resistance level turned support
Analysis on 4H timeframe
1) Pair appears to be in a range and is contained within the Bollinger bands and trendlines
2) Entry was after two touches on the lower trendline/...
Multiple signs of confluence formed on the Daily Chart
1)Resistance level turned support level
2)Inside bar false breakout formation on the rejection level
3) 21 SMA cross on the point of rejection
4) Rejection zone is on a support level
1:3 Risk to reward ratio
There is a confluence of signals at the current price, on the Daily Chart.
1) Resistance level turned to support level
2) Rejection on the support level
3)Rejection formed on the 21 SMA also
4)Inside bar false breakout formation was formed on the support level (Dragonfly doji as last Daily candlestick formation on last weeks close)
1:2 Risk to reward ratio
1)Evening Star Formation formed on Weekly Chart
2) Daily: Retest on 61% retracement level of last weeks (Weekly) Bearish Engulfing Candle, plus 21 SMA formed at that level
3) Sell Limit Order; placed at that level for a Swing Trade.
BUY above Fridays Daily Engulfing Candle, When price breaks the resistance level on the ascending triangle pattern formed on the 4H chart. NB: Continuation of analysis made yesterday on this pair.
Or go to 1H chart to wait for a confirmation signal to enter trade
On Daily chart, there is an area of confluence
Shooting star formation, on 50% fibonacci retracement, on support turned resistance, on 21 SMA
Sell below Daily Shooting star formation.
Multiple signs of confluence
1) Trendline break and retest
2) Retest on 21 SMA and 50% Fibonacci retracement
3) Resistance line turn support level on retest
Prices broke the lower trendline of the channel to form an Bullish Engulfing Daily candle.
Waiting for a retest to the 50% fibonacci retracement level on yesterdays Bullish Engulfing Daily candlestick or set a SELL LIMIT ORDER at that level as it is an area of confluence.
