The break and re-test of the trendline is something I believe the MM want you to think - that it's a false break and it's going all the way up, as marked up. Personally, I don't think it will yet. Why? Imagine the number of people who think this trendline is what the banks are using, and "reliable". I believe they could be eyeing the trendline at the bottom,...
AUDCHF correction move on daily. Looks like it's ready to go up on the 1H timeframe. Usually, I would have done a market execution but this way seems safer?
(For future note, the coronavirus is having a heavy impact on the markets, so take this into consideration when looking back at this trade as it is definitely a factor).
Trade posted Friday night, 20th March...
GBPUSD has come to a major support zone which hasn't been seen since the uncertainty about Brexit. Although a break of this area is possible given the strength of the US dollar recently and the coronavirus only getting worse, this trade could be possible, given it moves above 1.22 and re-tests. Otherwise, I will not be looking to take this trade.
After the huge surge upwards breaking the downtrend, this stopped out a lot of traders in the sell positions, as well as wiping out buyers who were trading the breakout when it came back down. This move can only mean that the banks have accumulated their positions.
Now that price is sitting above the blue level, this may entice people to buy the bounce, but this...
I see too many possibilities with this trade. One year ago I would have gone with a sell no matter what right now. However now, learning how to use volume and a little more about the banks this may have been perfect for them to ready their positions to take it up, especially with the amount of momentum. Below will be some notable possibilities that I see. I want...
Note that the analysis is purely based on supply and demand levels purely for journal entries. Due to the coronavirus fears, the market could still be heavily affected by it, as seen in the past week where the pair has melted hard, as opposed to going up as people were speculating (too many people panic buying?)
JPY looks to continue its strength due to the coronavirus. Market opened with a gap to the downside over the weekend as evidence of this. A pullback has been made from a minor turning point which allows for a good entry for this trade.
I feel that many traders will identify the blue area as a good place for a buy trade, since price has broken out of the trendline and above the blue area. They will then anticipate a break and re-test where that blue area will be filled with many pending orders, with their SL below it. Faking a small move will cause them to panic buy but the banks will take all of...
Trading against the trend. Instead of looking for pullbacks to zones on smaller timeframes I am looking to see if it will go up all the way to the top of the descending channel. As highlighted, when the market has come to the bottom of the channel there is an increase in volume followed by a move to the upside.
A speculation with no analysis on the market - just simply using previous movements to see whether it will follow it or not.
NOTE: This is not a signal! Just a journal to see how the market will play out
A very clean chart on EURJPY. Uptrend broken. Looking for it to pullback as resistance and drop. Testing to see if setups can be traded in this way or do we constantly have to monitor charts for rejection?
NOTE: This is a journal purely for documentation and NOT a signal!
EURUSD has come back into the play for bullish moves. Looking for it to perform a break and re-test on the support level as well as the broken trendline, to confirm that we can still trade from it.
NOTE: This is not a signal - it is a journal to see how trades will play out.