Hi everyone, this is just a log book for me on applying everything that I have learned and continue to learn as I go along. That being said, I do not advise you to base your trading on these "ideas".
Ok so this pair in the big picture has been hitting a bit of a slump. But lets take a look at it a little bit closer.
Weekly: there seems to be a resistance area around the 1.14100 level that has been hit around 4 times the the last 2 years and actually all around May and June.
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Daily: Resistance levels around 1.13373 levels. So that can be a target if support is rejected. I am able to find a bit of a bullish trendline here on the daily:
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4hr: So the 4hr seems to be bullish. My trendline was touched this morning but not sure if thats because of the upcoming from U.S. Also here in the 4hr chart there seems to be a previous resistance that became support at the 1.12085 level. Resistance level at 1.12448 but was broken last week on the NFP announcement. So now it could become support if trend continues bullish.
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So here is my analysis:
Option 1 -
So we can brake the support level at 1.12448 and bounce off the 1.12085.
Option 2 -
Or we can just simply bounce off the 1.12448 support and start looking at 1.13373 as our target.
Ok so this pair in the big picture has been hitting a bit of a slump. But lets take a look at it a little bit closer.
Weekly: there seems to be a resistance area around the 1.14100 level that has been hit around 4 times the the last 2 years and actually all around May and June.
____
Daily: Resistance levels around 1.13373 levels. So that can be a target if support is rejected. I am able to find a bit of a bullish trendline here on the daily:
____
4hr: So the 4hr seems to be bullish. My trendline was touched this morning but not sure if thats because of the upcoming from U.S. Also here in the 4hr chart there seems to be a previous resistance that became support at the 1.12085 level. Resistance level at 1.12448 but was broken last week on the NFP announcement. So now it could become support if trend continues bullish.
____
So here is my analysis:
Option 1 -
So we can brake the support level at 1.12448 and bounce off the 1.12085.
Option 2 -
Or we can just simply bounce off the 1.12448 support and start looking at 1.13373 as our target.
Note
Ok guys so this pair reached some resistance levels that just didnt break and basically formed an ascending triangle. I did not take any trades on this, mostly based on fear. I had a rough day yesterday, made some rookie mistakes that cost me dearly. The thought of a pending order did cross my mind but did not want to risk it, turned out this morning that the sell stop would have reached TP in 1hr. Either way heres a look at the chart now, trendline broken, support held at 1.12051. We will wait and see for any action going on.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.