FAVOURED SHORT BUT WE COULD SEE MORE UPSIDE FIRST TO WEEKLY FIB RETRACEMENT 0.5 OR DAILY FIB RETRACEMENT O.5 OR 0.61 BEFORE SEEING THAT MOVE TO THE DOWNSIDE.
* Ranging at the moment.
*Price bounced of weekly fib retracement 0.61 as that level was also in confluence with daily mid range(highlighted IN ...
*Break of the inner trend line on Daily TF.
* Fib extension Levels on daily in confluence with Weekly Fib retracement levels highlighted & Resistance zones.
*Bullish engulfing candle of C.T.L
WHAT DO YOU THINK?
Ive got a short Bias on this however the weekly candle is a Doji so price is still unsure.
reason for my short bias:
-Double top rejection at 1.14 resistance area.
-M.A to downside
-Lower lows and Lower highs as price has been falling.
- Lower high on C.T.L touch in confluence with 0.5 FIB Retracement so L.L ...
As you can see it seem we have a got a break out of the channel and price is now potential retesting the channel be for enabling a move towards the downside. Another confluence for this is the head & shoulders pattern (POTENTIALLY) forming but then again the break out could just have been a false break out ...
So moving forward from last week my 1st target has been hit.
News came out on Greece in which they have an extension for the payment owed which the extension is now 4 months instead of 6 months causing a strengthening in the euro vs usd.
on the charts last week we saw a push upside to which hit my target 1 as ...
This is my chart for the week.
As you can see price has now been capped by the FIB 0.61 Retracement zone and has broken my downward trend line.
Price is now sitting at the yellow barrier highlighted in which i can see two scenarios. For me to go long i will need a clean break and close above the barrier on the ...
Price is currently below the 200 M.A and is now having what to me seems like a retracement. My overall BIAS is still a short but because anything can always happen in this market I've also got an BUY execution.
for me to continue to go short i will need to see a break of my C.T.L on the 4HR TF but before that ...
I am currently looking at a retracement to the downside in which my targets are outlined. once my downside target 1 has been hit i feel we should see the momentum back to my upside targets. We can potentially break below the OUTER T.L and hit the yellow barrier highlighted which will be a retracement the 0.61 level ...
After seeing a clean break and close below the trend line and also an M.A crossover i believe price should fall to my downside targets.
as you can see for extra confluence i drew a barrier in which price could have turned around but so far it has broken through. I'm strongly in favour for a short bias but if price ...
USDJPY has been ranging for a while but there has been nothing that is telling me to go long.so overall bias is to the downside. we can see a double top at the 120.1 area also lower highs and lower lows and price is below the 200 M.A.
waiting for price to break & close below my double top range before diving to my ...
We can see the inner trend line has been broken and is sitting on support. i believe we will see a further retracement to the 1.5 area highlight which is in confluence with the FIB Retracement 0.38, Major SUPPORT & outer trend line before we see upside movement to my targets 1.6.
If we see a clean break and close ...
I think we are potentially seeing a short due to the Head and shoulders pattern being formed.
Targets are in confluence with Trend line on 4hr and also in confluence with fib retracement levels.
target 1= 1.32
target 2= 1.31
if you like my analysis give me a follow for more. Thanks.
AFTER A STRONG RESISTANCE PRICE HAS NOW BEGUN A RETRACEMENT DOWNSIDE IN WHICH I FEEL THE 0.38 LEVEL WILL BE HIT TO SEND PRICE BACK TO THE UPSIDE TARGET AS THAT FIB LEVEL IS IN CONFLUENCE WITH THE DAILY MID RANGE.
WE COULD SEE FURTHER RETRACEMENT BUT IVE STILL GOT A OVERALL BIAS TO THE UPSIDE TARGET = 1.50
PRICE HAS NOW BROKEN OUT OF THE CHANNEL AND IS GOING FOR A RETRACEMENT TO THE DOWNSIDE.
IF WE SEE PRICE TOUCH THE 0.38 FIB AND THEN BREAKS THE CT.L THAT WOULD BE THE BREAK OUT, RETEST AND CONTINUATION TO UPSIDE TARGET FIB D2 WHICH IS IN CONFLUENCE WITH MAJOR RESISTANCE.
ESSENTIALLY I FEEL PRICE MAY HAVE A FURTHER ...
PRICE IS ON A LONG TERM DOWN TREND ON THE WEEKLY AND SHORT TERM UP TREND AS SHOWN ON THE 4HR TIMEFRAME.
PRICE IS CURRENTLY ON THE 3RD TOUCH OF THE TRENDLINE THIS IS AN OVERSOLD AREA ON THE RSI/ WHICH SHOULD BE THE PUSH UPSIDE TO TARGETS AND WE ARE SEEING H.H's + H.L's.
IF PRICE BREAKS + CLOSE ABOVE MY C.T.L + ...