So what I forecast: the old demand zone the left was strong which broke the strong supply zone with a nice rally to the upside 1.25xxx ( potentially taking SL above 1.24xx). The newest trend line which I draw on the rally was broken also taking out two zones on the uptrend line ( first zone and second zone). When the market dropped from 1.25 projected till...
Trade Based on the below confirmations
1.Weekly buy orders filled with the confirmation of 4HR pin bar candle or rejection filling buy orders at 1160 to 1162
2. Daily price creating new highs
3. 4Hr nice pin bar and price has completed one fib extension of the previous move and correction is completed
4. In addition 4H nice bull flag.
5. Last but not the...
Price has tested an uptrend line and got some rejection
Divergence on 4 Hours with rejection candles
Price has not broken new low, instead has created new low high.
In general this is reversal trade. Also CHF was strong for a long time now time to go down for chf.
Looking at price action and after a strong downtrend was broke by first impulse wave and completion of corrective wave, I see a complete elliot wave in formation. Wave 3 has started with a singal of bullish price action. At the same time NZD has been week with most of the pairs.
Trade can be entred after market open to see if there is any retest of any broken...
This pair has been going up for weeks and weeks and I have been waiting for it to fall. In comparision GBP with other pairs has slowly shown strenght.
My analysis and why i am taking this trade.
First a very clearn price rejection candle on 29 August 2017.
After these a very strong bearish candle
Price is bearish since than.
Also price has tested previous high...
Looking at the pair on weekly and daily and 4H I see a potential reversal taking place at the moment and we can a potential longterm oppurtinity
Price was unable to break the previous daily and weekly structure support-1.62465
on 4H price has boken 200SMA and currently retesting
on monthly timeframe the price has been falling for the last three months
Looking at the weekly trend of CADJPY i see the following and hence taking the trade.
1. Weekly donwtrend line broken with strong bullish movements
2. Price has created new HH and HL , new HH formation is in process
3. An elliot wave in formation
4. Adding more confirmation by using MACD, corssover is seen in oversold zone in line in bullish candle, indicating...
Looking at the daily TF and current PA, the price has completed the 4th wave and the 5th wave should start.
If all is valid as per wave, we have two trade options
1. Long oppurtunity with TP as 5 wave
2. Short oppurtunity from 5th wave expecting TP as the ABCD correction or TP as wave 4.
Trade safe guys.