USD-NOK | Long term only!How to spot trend changes and entry points. Yes the trend reversal legs can also be traded.
Not financial advice!
Entrysetup
SEI.asx continues the move higher as buyers step up the pressureSEI continues to drag in buyers to hold higher levels with clear skies up to the 0.10 Zone. Price oscillated around the 0.03 level before building a head of steam and cementing the trend higher. We expect the move to continue with a push through 0.06 in the coming days.
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The USDJPY is holding at resistance but could spike higherThe USDJPY is holding up at resistance but may be building to extend the move to higher levels around 110.570. We are watching for a reaction lower off 108.890 as buyers get squeezed out but are also open to the idea that price could easily extend through the level. Any short setup will need confirmation from a shoulder setup (lower high)....see how this plays out.
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The GBPUSD hit our target so watching for what happens nextThe GBPUSD has kicked on to the OfferZone where we expect to see some heat come out of the rally and a reaction lower for a long squeeze. The question is in what form...will the price pop and washout stops above the zone and then fall back below to trap some longs or will we see a correction lower from current levels to reset and build for another run higher. If price blasts straight up and through the level from here, then no harm done and happy to follow the action higher.
The EURJPY ran into resistance and is primed for a fallThe EURJPY has pushed headlong into resistance around 119.95 (previous daily high) and cleaned out a few stops above the level. We expect to see some sellers jump into the action for a move lower to test and potentially break the 119.150 higher low zone. Time to set the trap and squeeze out some buyers so watch for a shoulder entry short for confirmation.
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The Euro is on the move upThe EURO has had a good few sessions and the party does not look like it is ready to stop. Buyers remain in charge and targeting the OfferZone around 1.1094 so like the action for a BUY ENTRY through 1.1037. May expect to see some washout of recent buyers before a move gets underway.
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The GBPUSD is building for another push higherThe Pound has recently spiked higher thanks to some positive news on Brexit and the USD falling. The price action suggests another run higher and extension into the OfferZone around 1.2800 as there is more than enough fuel built up for a short squeeze.
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USDJPY moves higher so time to lock away some gainsThe USDJPY is on the move up from the previous entry zone and looking to continue its way up to the OfferZone around 108.400 in a bigger move. Watching for another squeeze of the sellers and an extension up with the risk area now below 107.200 just to lock in some gains.
The USDJPY has some work to do but is set to rallyThe USDJPY is set to rally if buyers start the squeeze on short sellers. A push up through 106.920 will drag in the buyers we need for the move as higher lows are holding.
Ripple is ready to explode...but bullish or bearish?Ripple is at a point where bulls and bears are in agreement but which way will it move next? We expect to see Bitcoin come under further pressure so the Ripple bears may start to come out in force and run price lower to test support around 0.22400. Looking to sell off a shoulder for the run down. If we see the spike, happy to join in the action on the upside on the first pullback shoulder entry....would not expect it to be long until we have an answer.
High Probability Entry using Shoulders and Price ActionWhat we term as a 'shoulder' (Lower High/Higher Low) is a prime entry setup with statistically high probability. The important thing to note is that it is used in conjunction with price action to correctly identity when traders are being 'caught off-guard' on the wrong side of the action and forced to close. We like to term it the 'sweaty palm' feeling when you begin to realize that you are wrong and have to start to look for the exits and minimize losses. In the example on the German DAX index, there were some great opportunities to sell (off the shoulders when sellers stepped in at lower levels and buyers were forced to bail) with a defined risk profile that paid out handsomely...if you are able yo define the key zones and when traders will be put under pressure. Hope this helps and Happy Trading....TradeSetup.
GBPUSD is primed for continuation higherThe GBPUSD has cleared out the 1.2335 zone and is now retesting the zone and primed for continuation higher. With US payrolls out tonight the action could heat up.
Currency action heats up as the USD sinks on weak manufacturing We take a look at the AUDUSD, EURUSD, GBPUSD and USDJPY for trading opportunities after the USD comes under pressure from weaker than expected manufacturing data
EURUSD made the move lower to our BidZoneThe EURUSD made the move as expected down to the BidZone and put the squeeze on the buyers to pressure them out. Watching now how things play out.
EURUSD on the move lower contining to squeeze out the buyersEURUSD short trade to keep the pressure on the buyers and squeeze price down to the BidZone. Trade alert down through 1.0980 which offers a high return profile versus the risk.
