SHORT CADJPY Bearish Reversal PatternFX_IDC:CADJPY Is expected to go South since, the price has been rejected on 89.500 a few days ago. Thus, forming a Bearish Reversal Pattern. We hope that CADJPY
Entry Level: 88.24
Trail Profit 1: 87.63
Trail Profit 2: 87.00
Stop Loss: 88.90
No News associate with this trend until Friday. So, we hope that the pattern will show its trend.
Good Luck with your Trading
Cheers,
KeyFx
Bearishreversal
GBPUSD Turns Lower From Resistance ConfluenceGBPUSD turned lower earlier in the week, after pair found sellers at resistance zone/channel top confluence. Wednesday saw a Dark Cloud Cover reversal candle, with modest follow through on Thursday. Sellers will be looking to take out rising channel support at 1.32 and counting. A daily close above yesterday's high at 1.3376, would shift focus back on to the resistance zone/channel top above 1.34.
AUDUSD Rejected at 2013 Trend-line ResistanceAUDUSD was firmly rejected yesterday, following a false break above trend-line resistance dating back to April 2013. Pair traded to new highs on Thursday, before finishing the day decisively lower, printing a Shooting Star bearish reversal candle. Sellers will now look to push the pair lower to the .7535 - .7480 daily support zone. Breach of yesterday's high at .7733 invalidates.
USDCAD Divergence Confirmations. Long term Trading Strategy.Unfortunately we hit last stop loss but there was no close above the previous highest high.
So, there is a high probability to catch the trade again. Risk averse traders can join the trade by sell limit at the low of this week candle. FX:USDCAD
If Risk is too high for you .... wait for nice price action/ pattern formation in lower timeframes.
Reason for Trade Setup:
Price Action 5 Impulse wave almost complete. Possible Correction or in best case complete reversal.
Support from Divergence confirmations on multiple indicators.
SL - Close above this high.
TP - ATR(5), 2*ATR(5), remaining on chart.
GBP/JPY DOUBLE TOP FORMING ON 1HR TIME FRAME?GBP/JPY IS APPROACHING SIGNIFICANT RESISTANCE AT 194.59, OFFERING A LOW RISK SHORT TRADE AS A DOUBLE TOP MAY POTENTIALLY FORM.
PRICE ACTION PREVIOUSLY SUGGESTED THE 194.59 LEVEL WAS PROTECTED BY SELLERS, A REJECTION OF R1 AGAIN EXPOSES THE DOWNSIDE OF 190.97 (S1) - A BREAK OF THE SHORT TERM TRENDLINE THAT HAS FORMED WOULD ADD EXTRA CONFIRMATION OF FURTHER SELLING.
S1 OFFERS A GOOD PROFIT TAKING AREA AS IT IS THE 0.382 RETRACE OF THE ORIGINAL 185.00 (S3) SWING LOW AND THE 194.50 SWING HIGH (R1), A BREAK OF THIS LEVEL WOULD EXPOSE 189.20's.
THE 150 DAY MA HAS BEEN ACTING AS SHORT TERM SUPPORT FOR THE PAIR, A BREAK OF THE 150 MA, AND A CROSSOVER OF THE MA'S WOULD ADD FURTHER CONFIRMATION OF SHORT TERM SELLING. CURRENTLY THE SHORT TERM 16 DAY MA IS POINTING TO THE DOWNSIDE.
ORDERS ARE BEST PLACED JUST BELOW R1 AT 194.41, IF PRICE REVERSES PRIOR TO THIS LEVEL ENTRIES CAN BE MOVED TO THE AREA OF THE TRENDLINE BREAK - STOPS CAN REMAIN ABOVE R1.
SAFE TRADING.
Bearish candles on Weekly and Daily chartsULTA is in an obvious up trend on the weekly chart. Sort of sideways on the daily chart with an RSI making lower lows and lower highs.
But if you put a lot of stock in candle formations then you might be willing to risk some money to the downside. Bearish formation in Friday's candle on the daily (engulfing candle) within a one on the weekly (upside down hang man).
No position for me but next week I will be watching the price action. There might be a post earnings (last Thursday) move on the horizon this week. Exhaustion could get a pullback below the trendline if there is a reversal move off these recent highs.