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Bearishreversal

GBPJPY Bearish Flag PatternGBPJPY - Engulfing Bearish Reversal formed 8-3-17 Pair dropped below key level of 142.00 and 200-day moving average suggesting further downward trend probability. Next key level target @ 139.00 (June 2017) with further decline to 138.50 followed by 137.00 level. Decline to 133.70 possible in longer term. R3 142.52 R2 141.81 R1 141.21 S1 139.89 S2 139.18 S3 138.58 Previous session: H = 141.1000 L = 139.7900 O = 141.8876 C = 140.5590 Pivot Point = 140.483 Personal analysis only. Please use your own rules and strategies prior to entering market.
Short
by ALSM59
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.
Short
by JeevanKapaganti
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.
Short
by JoeNeilCarey
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.
NASDAQ:ULTA
by bertolinitrading