trentusfabius

trentusfabius

SUMMARY: PRICE DISPLAYING LONG TERM INDECISION AND MAY PUSH DOWN The usdcad chart displays an overall bullish directional bias as the three prior months have rallied to a monthly key level of 1.3400. Before the rally, price respected a major support level of 1.2265 and pushed upside with a bullish engulfing candlestick, signalling the longer term buys. However,...

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The chart shows several lower highs before higher highs which indicates a continuation in a new channel. Price may eventually break this trend and move down as it is in a sell zone of an uptrend (seen on higher time frames)

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The daily chart also suggests a bearish reversal in line with monthly and weekly technical standpoint. We see several reversal candlesticks under the 155.000 and 150.000 monthly key levels. Once again moving averages are bearish and clearly have formed dynamic resistance for the pair. Price has remained in the uptrend however and has formed another channel,...

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PRACTICING IDENTIFYING QUALITIES OF GBPJPY

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Analysis Practice

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KEEP WATCH FOR AT THE 1.7500 SUPPORT LEVEL

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Compared to the 4hr time frame, we notice the 2hr time frame provided more precision (link attached)

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21MA and 8EMA

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21MA AND 8EMA

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I believe price will continue down, but I did not take this trade because I have not demod enough

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An example of my ideal short setup after backtesting MA Crossover Touches at monthly and daily levels bearish engulfing Respecting of the trend

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Price respected support and is moving north

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Price may move north after touching the zone. Price may continue to respect the smaller downtrend or breakout and maintain the longer term uptrend

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EURJPY formed a bullish pin bar, indicating a potential respecting of the channel support line. Price may continue moving up

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Price may continue moving upward after hitting the support level

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Price may respect the channel's resistance level and move south

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Price may be bouncing off channel resistance, forming a bearish pin bar and a divergence with RSI before potentially heading south

trentusfabius Updated 

Price bounced off resistance line, yielding 20 pips