Double bottom at EURAUD indicates reversal of the downtrend. I will wait for the price to make higher low for the entry discussed in the chart.
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GBPCHF has retraced back after a long impulse to the downside. The confluence of Fibonacci and previous support turned resistance level to provide us a good zone to look for short opportunities in the 4Hr time frame.
Reason to trade: Price respected Daily S/R level @1.7224+/-30 pips. Double bottom formed on 4Hr chart. Price broke the previous downtrend resistance @ 1.7325+/-20pips. I will wait for price to retrace to ~50% fib level of the impulse.
Entry @1.7311
S/L@1.7159 (152 pips)
Risk/Reward: 3.18
Money management: Risk is more than 100 pips. Will invest 0.8% of my...
Direction: Daily support level @ 1.0773+/-10pips. Long opportunity.
Reason: Double bottom @ Daily support level.
Entry
Aggressive entry- Buy stop order @ 1.8453 as price breaks yellow zone.
Conservative entry-Wait for the price to break the yellow zone and retrace back to yellow zone to put buy limit order.
S/L @ 1.0765 (~85pips)
Risk/Reward: 3.32
Money...
Direction: Level to look at for going short---> 0.8606 +/-20 pips
Reason for trade: Head and shoulder pattern, Fib levels, Price action
Entry: I l post the reversal entry strategy on the 4HR chart once the level is reached.
Risk/Reward: ~2.5 with trailing stop
Money management: S/L is a little higher@ 225 pips so will take 0.8% risk on this trade. Will buy 0.025...
EURJPY has reacted to a strong weekly support area (green zone) and could retrace to the resistance area (Red zone) that has been tested several times in the past. I will be looking for short opportunities in the red zone on 4 HR chart.
NZDJPY could retrace and pullback to continue the uptrend by forming a head and shoulder pattern. I will be looking for reversal on 4 HR time frame when the price hit the green zone.
The weekly and monthly Time frame for GBPUSD clearly showed that there was a false breakout from the previous strong support level. Now the price is expected to retest that level and pullback. We will be looking for long opportunities on 4Hr time frame after it reaches the green zone.
The strong support is generated by confluence of Fib retacement (50.0-61.8 levels) and previous tested support. I will be expecting GBPCAD to retrace and move up from that support area.
USDCHF has entered in resistance area that has been tested 2 times (See on daily chart). I will be looking for reversal candlestick to short this pair.
The price is currently at the support zone. I will expect it to make a retracement and hit the pink zone. It might respect the trendline and react to it by bringing the price down.
The price might go either way after entering the purple zone. It might react to the previous bullish candle seen during the previous bullish impulse. If the price goes below, the next support level is in the green zone which is weekly resistance turned support. So it's better to wait for the price to react.
EURUSD has been quite volatile for the past 1 month. This gives us the opportunity to keep a higher risk-reward ratio. I will be looking for a retracement and a pullback from the previously tested support level.
NZD/USD is at a crucial resistance level that was tested 2 times in the past. There is a high chance for the price to go bearish. I will be looking for the recent swing low price to break.
Looking at the strong bearish push at the previous support and fib retracement, the price can go either side. Its better to wait for the market to react. If it respects the previous support, I will look for reversal entries in 4 HR timeframe. If it breaks the support, then I will wait for the price to hit the previous support level which turned into resistance.
The confluence of Fibonacci retracement 50% and previous support make the levels an important support level. Will plan to go long by searching for a nice entry (double bottom, head and shoulder or reversal candlesticks) on a 4 HR time frame.
