Price has held above day support zone. Today we may look for long signal based on the support of previous resistance and the trendline on H1 chart.
This chart uses GBPUSD as an good example to show the different comparing high probability entry with normal entry of trend trading.
NZDJPY had weak bearish candle at key resistance at day chart. I will look for short signal today after a consolidation but keep an eye on the price action when price reaches support level on H4 chart, and be sensitive on position management as it is a trade of retracement.
EURNZD had a large bullish candle yesterday after a long trend down. I will look for long opportunity today based on trendline on H1 chart but paying attention to the resistance above.
GBPJPY has a similar pattern to USDJPY. If price could stay below H4 resistance, I will look for short signal after a consolidation. Have to be careful as the price is around weekly upside trendline.
NZDUSD had a weak candle at key resistance on day chart, so I would like to continue to keep short bias today. However, as the trend on H4 is still upside, I have to be very cautious on position management.
USDJPY price has been to the end of the triangle pattern, it is possible to go down today or in this week. If price could stay below the resistance on H4, I may look for a short signal today but I have to be very cautious as the main trend is not that clear.
Though GBPUSD had a weak candle yesterday, it is not appropriate to short immediately as the downside shadow is long. It seems that the upside trendline gives support on H4 chart. I will look for short signal today only after price breaks out this trendline.
GBPJPY had a short opportunity early in the morning, but the result wasn't good. I moved SL to BE before sleeping. The result should be like this if I were at the computer, but the real trade was closed at BE. GBP had a fake movement before going down with unexpected CPI. This is a typical "pull up and sell" movement from market maker. As I said in the plan, we...
GBPJPY had a smlll bearish candel with a long up tail, on H4 chart, it seems to be a double top pattern. I will look for short if sl is small when price breaks out the neckline. However, be careful on the short trading as last week this pair is quite strong and there may be some support downside.
USDCAD had a through candle on Monday indicates a strong support below. Price has tested H4 trendline and horizontal resistance. I will look for long signal with small stop loss when price breaks out 1.3010 resistant level. It's a retracement on day chart so I have to be very careful on trading long.
XAUUSD moved up as planned, but it happened at 6am London time, too early for me to follow, but I should be a good trade for today.
Info on chart.
Info on chart.
Though there is a bearish engulfing price action here, but it may be too early to enter short. For intraday trading, I will wait for more short confirmation around the trendline and resistance. It is possible the price will have a consolidation between horizontal resistance and support.
Trendline resistance, horizontal resistance and 38.2% fib resistance are all been tested around 53.00, it is quite hard for brent oil price to break out directly. It may have to test support before going up.
If price could hold above key resistant level around 1170, price is expected to go up to test higher level, otherwise it may go down to test upside trendline below.
GBPCAD gave me two great wins last week, and its pattern is still apparently in short trend this week. Today I will short this pair when it breaks the low of last Friday after a consolidation pattern on H1. It may offer best intraday trend trading opportunities in this week.