Trading the USD extremes
Long tail just tested a weekly DZ around 104.69 next leg down would be 101.23. Currently moving sideways 3 out of the last 5 weeks are bullish. No clear direction.
The daily trend is up, however price broke the lower channel bar and is attempting to climb back into the range. I'm tempted to play...
Recently completed H/S with target ~1.1500 has been sideways to down and broke support last week.
Down trend : no clear pattern, broke support Thurs/Friday of last week. There is an untested pocket of buy orders
At 1.1160 around current price, from 7/25-7/26
Next level around 1.1092
ADX and RSI at extremes look on lower TF for pullback to...
Wow, that demand zone at 0.7668 looking at it now, the origin is a bit lower at 0.7525.
I'm thinking that the move down takes a pause here and moves sideways for a bit, since the initial reaction was not that strong off of the zone.
The buy orders appear to be absorbed by the open supply for now.
I think we are traveling north to 0.76933 but ultimately I think...
Base run, base run drop to base drop run
AUDJPY looks pretty weak here. it is sitting at the bottom of a 1hr channel, with not much demand near by to pick it up.
Look for a run up though into one of the abundant supply zones, and a move lower from there.
The formation on the 15 looks pretty toppy, three peaks with a taller center.
More red bars than...
The 4 and 1 hr trend is down. The area circled is the location of a supply zone. It has been hit before but there was a strong move away from this level.
There is a great chance to get a move down , looking for 50 pips 25 pip sl. Will run a second entry if price enters deep to the zone with a smaller SL and better RR
This looks like a bull trap after a retail breakout (0.77151) resistance.
The trap is a clutch of sell orders ready to go in the 0.77219 - 0.77256 range.
Sell in this range, 20 -25 pip stop.
1x and 2x targets are in range.
Bull trap after breakout.
Retail will be seeing breakout from previous tops. In waiting are a ton of sell orders at 0.77219 - 0.77256.
Look for a topping formation in this area, perhaps another minor top in this area after a quick run down.