NZDUSD Ready for Bearish MomentumBased on timeframe analysis, this a intraday short trade centered around :
Break of Structure on the H4, H1 and M15
Test of a strong daily resistance level
Bearish engulfing candlesticks showing a change in trend momentum
Retest of the break of structure before continuation of new trend
I also showed my projected stop loss and take profit areas. Be sure to use proper money management when trading, its the most important part.
Happy Trading.
- Delroy
Breakofstructure
Confluence waiting for one more confirmation.We have a possible long setup for Aud/usd
One. We have a break of structure in previous low in the bearish trend which now makes it Bullish.
Two: We have a possible retest in a supply Zone
Three: The supply zone is in the 61.8 however it can bounce off the 38.2
Four: Macd is Crossing
Five: waiting for Bullish candle stick variation
Long trade based on confluence of factorsWe are in this position because of the break above a previous structure and retracement back into a resistance come support zone. The pinbar candle signalled the entry, We have a 2360 fib level from a previous swing and we are trading in the short term trend direction. Probability suggests we will lose this trade but the risk reward makes it worthwhile.
EURJPY BREAK OF TRENDEURJPY broke the support that's been in place for more than a month so it is highly likely to start a bearish trend.
There is a important structural level at 126.72 which coincides with 0.5 Fib so I assume that EURJPY will jump up to that level and go down again. Now it is in a relief rally up to 0.5 Fib.
I would suggest a short position at that level.
Good luck!
TRADE WHAT YOU SEE: Overall Expectation for next week on EURUSDTRADE WHAT YOU SEE
During my Top-Down-Analysis which means for me that I am starting on the Daily timeframe, I thought this kind of process would be quite interesting to share.
1st: I identified the broken structure to the downside
2nd: I anticipated the outside return into previous strc. resistance, which completed last night during the asia session.
3rd: Now I am expecting further decline .
With this overall plan I move down to lower timeframes to get involved in potential shorting opportunities.
-Have a great week of trading. -Felix