Following my system - the pair touched the .618 and might fall back down to .786
If it does, there is a high probability of dropping lower than 1.00, so my entry is set at slightly below .786
The initial stop will be defined by the market's lower-highs from the new inside-trend evolving but not higher than the .5
The moment the market leaves 1.00...
Confluence of => Long term down trend swing (look at the daily and the reversal candle) + Trendline of 4h break to the short + H&S formation with a possible break to the short.
TP first at the previous structure levels
TP second at the head to neck length.
First - look at the structure we have been having on the daily chart
The down-trend is on the weekly, the daily and the 4 hour chart!
There is a confluence between left structure highs and the 1.618 fib!
I will seek reversal candle to entry at the retest of 50% or 61% with stops as high as 80%
Will see if the...
The pound had been hammered the last few days in this week of trading (week 31) but it seemed to really stop the strong movement (first impulse leg) and began to subside... Or did it?
After a brief view at the Sterling Yen behavior I jumped inside the 1H chart (Which I rarely do) and found an interesting and decades old pattern there - you guessed it -...
Waiting for the closure candle to be somewhat a DoJi and for the next one to close above the DoJi.
Once that confirmation happens - I will enter the trade at a retrace if possible and just an entry if not (Depends on the RR to the higher swing).
After the break of the bearish trend on the 1h chart and the negative US data, we are presented with the opportunity to enter a long trade on the pair with a tight stop and a very extensive target.
The first target will always be half position take at the 1:2 RR to take any profit from the trade but on the long run, it may survive a long swing if unemployment...
Based on the daily chart - we are swinging down to a new low (be it higher or lower) after two complete long swings that took more than a couple of weeks.
I took a short trade, placing my stop at a minor resistance level - compiled both from price action on the left and the last fib retrace of .618%
My long term...
As a reversal strategy, trying to eat those retrace pips, I tend to watch for reversal patterns - usually hinted by doji candles after strong pushes - This time I had a golden opportunity that I had to take.
The XAU pushed lower than the lowest low of the doji candle formation and hinted an entry, but... the XAU dropped so sharply I couldn't enter...
A continuation Premature trade.
I know I know - this has lower percentage of win but the candle formation and the extreme wick of the last day close + the 8h confirmation is too much for me to ignore.
I've placed a short with first TP at the closest support, going to eye the news this evening and decide if I continue with this trade or no.
NZDUSD entry point set at around .7295
SL at .7310
TP - first target - at 0.7240
2nd TP at .7180
All round confirmation - > NZDCAD at a short move reversal, AUDNZD - although I have an open LONG it still looks like the reversal will continue, at least for nowhttps://www.tradingview.com/x/OwUUTCOA/
NZDUSD showed a strong bullish move and waiting for a reversal after 2 indecision candles formed on the RES levels
Entry after a psychological 0.72 rounded level
TP at 0.712
Possible first TP at 0.718 if a consolidation begins
Negative markets draw negative USOIL movements
Entry point at 45.98 (low brakes of the last indecision candle (if it forms)
SL at 46.75
TP at 44.50 - as first target - there is a probable bounce or hold in that area since the last Price Action
US ISM better than expected push for a strong short xxUSD
AU difficulties in data + elections
AUDUSD usually collapses on crisis situations which we are on the brink of them (Risk Off)
Reversal candle formation has been confirmed several times (4H)
first TP 0.736
Looking for a deeper drop though and another reversal (1-2-3 formation)