Price has respected the blue trend line perfectly 3 times and on the 3rd it has made a bullish engulfing candle stick. If you look at the 1hr time frame the price has made a flag and this could be the entry i wanted.
On this weekly time frame, we can see that price respected the bullish trendline 3 times. On the last one price exploded highly and its currently approaching a really strong resistance but i reckon price could go up just a bit more to 1.03000 and drop heavily to respect the trendline again. As you can see on the 1.03000 region price tested the resistance and...
Clean and simple setup on the EURJPY. Price broke the trendline and it retested the previous support as resistance but there is a chnce of it retesting the trendline, that is why my stop loss is set a bit high. It will be a good idea to wait for a much better confirmation. The confirmation that i will want to see is an engulfing bearish candle on the 1 hr timeframe.
If you check my previous post on the USDCAD weekly timeframe it will be much clear why i will be taking this trade. However even on this 4hr time the price consolidated inside the yellow box and broke out above however shot right back down and broke the yellow box again and now i think its retesting the previous support as resistance.
nice looking price action. As you can on the weekly timeframe price reversed and started making Lower highs and Lower lows. The price is making upside down flags since it is on a bearish trend. As you can see the channel of the flags (correction) the support trendline of the channel has been respected 2 times and on the 3rd time it broke and made a bearish pole...
As i have already mentioned price broke the resistance and retested as support. There are 2 scenarios price could again retest the support or breakout of my current trend line and look to go towards 112.000 region. So lets wait for the break out before going long.
Price at a very important level. The price has respected the trend line several times lets see if it will respect it again. If it does i see the price going up to 1.58975, a strong resistance zone. However if it does break the trend line i will be waiting for a retest of the trend line and then falling to around 1.445
price is at a previous support lets wait to see if it will break or bounce. I will be looking for a bullish engulfing candle stick on the 1hr for entry. And break and retest of the support line for a short entry.
since gold was on a bearish trend it seems like price arrived at a major support for gold and we can see alot of bullish engulfing candle stick. I drew a triangular pendent and waited for the price to breakout and it did. So im placing a long trade and my stop loss is a bit high but theres a reason behind that.
I place stoploss not depending on my account balance...