EUR_AUD ON KEY LEVEL|TRADING PLAN BREAKDOWN
EUR_AUD is trading above the broken key level, while also respecting a diagonal support.
So the target trade is a long.
For us to enter a long, we need the small downward channel resistance breakout confirmed, a pullback and then depending on your trading style a straight long or waiting for the pair to provide you with some additional local structure or the pair going lower to improve risk reward.
The objective target is the previous higher high, and the absolute max target is the presumed resistance line extension crossing.
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Forecast
USD_CHF ON KEY LEVEL|TRADING PLAN
USD_CHF has reached the lower boundaries of the daily key resistance level.
Coupled with the double top with the second top being the lower high, I am bearish on the pair.
Now, depending on the style of trading you prefer, you might wanna enter a short now, If you are an aggressive trader,
Or, you need to wait till the conclusive breakout of the horizontal support line and short on pullback, if you utilize a more conservative strategy.
The diagonal support line will stand in the way of the downward movement so depending on style of trading, you might want to place your first target at support line.
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BITCOIN STRUCUTRE ANALYSIS| SCENARIOS UPDATE
BITCOIN has had a bullish rally following the news of PayPal incorporating Bitcoin into its payment systems.
Now, on a technical level, there is a buying opportunity from the support confluence of the channel and the horizontal key level.
I would not recommend any short, even though a movement downwards is likely too, as the upside is clearly more preferable for the market and your stop will be hit multiple times before the market makes a move in your direction so risk reward wise shorts aren't attractive.
Rather, If bitcoin falls to the identified levels, I would be looking at a buying opportunity there, both speculative and as a good level to add more BTC into your long term investment portfolio.
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OIL STRUCTURE ANALYSIS| SCENARIOS UPDATE
OIL has fallen following the strengthening of the dollar and rumors of the slower economic recovery due to the 2nd wave of Covid-19.
On the technical level, oil has reached a support confluence of the smaller and greater parallel channels as well as the major horizontal key level.
Therefore, I am bullish biased, based on the technical analysis.
The retest of the channels resistance is possible so for those who are bullish entering a long now provides the best risk reward.
For us to turn bearish, we need the support confluence to be conclusively broken downwards.
Then we can go short on pullback.
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AUD_CAD TRADING PLAN|DETAILED BREAKDOWN
AUD_CAD reached a confluence of resistance levels.
So we are bearish biased and we are looking to open a shot trade.
Wait for the flag resistance to be broken downwards, then go short on pullback!
IF there is no breakout, the setup is invalid!
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EUR_GBP TRADING PLAN| DETAILED BREAKDOWN
EUR_GBP broke out of the bullish wedge.
Now is trading above horizontal and diagonal support as well as above the wedge resistance turned support.
The target trade is a long, so we are waiting for the market to break upwards, retest, and then we are going long.
IF there is NO breakout, the setup is invalid!
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GOLD UPDATE| TRADING PLAN
GOLD hasn't moved at all during the last trading days, as I suspect the market is waiting for the election results, which will be held in just a week.
Now, I am bearish on gold as it is within the downward channel, and broke out of the smaller upward channel.
So for those of you who want to be in gold, you might go short now, with the target of the green support level.
Yet, remember about the purple support.
Maybe it is safer to wait till the daily support breaks too.
But then the question of the sufficient risk reward would arise again.
All in all, I choose to be on the safe side and stay away from gold till I know the results of the election.
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BITCOIN TRADING PLAN| DETAILED BREAKDOWN
BITCOIN found its first resistance after the PayPal news rally, and is trading in a triangle.
There is a double top formed and RSI divergence is also present.
Thus, I am bearish biased.
However, Let's wait till the markets gives us a hint with the breakout one way or the other.
And we go into the trade, in the direction of the breakout, after pullback.
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EUR_AUD LONG OPPORTUNITY| DETAILED SETUP BREAKDOWN|
EUR_AUD is retesting the broken key daily level.
The pair has been falling in a downward channel and has now formed a double bottom right on the key level.
Wait till the breakout upwards of diagonal and horizontal resistance happens.
Go long on pullback.
If there is no breakout, setup is invalid!
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GOLD ANALYSIS| WHAT TO EXPECT?
GOLD is moving in two parallel channel one within another.
For us to become bullish, we need to see green key level and the larger channel resistance to be broken to the upside.
Then, we can go long from pullback safely.
For us to become bearish, we need the small channel support to be broken downwards, and then we can go short on retest.
Even better if the retest also happens at the confluence of the two channel lines.
Before the breakout, however, I am neither bearish nor bullish.
Wait and let the market to give us a hint.
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EUR_USD STRUCTURE ANALYSIS!EUR_USD has bullish momentum but all the long opportunities are missed.
For the sellers, I would consider the diagonal resistance as the first short area, heavily dependent on the price action.
The safest short opening area would be the horizontal resistance ahead.
Wait for a nice reversal pattern and go short.
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EURUSD - Trade Forecast!!Welcome traders to a free analysis breakdown.
Today I am highlighting possible trade ares on EURUSD, if you any questions on the pair let me know in the comment section below.
Once the pair gives us a valid trade entry I will be sharing the trade with the Alpha community, I hope you all found this breakdown helpful .
If you liked this free educational please like and follow the channel, there is lots more valuable content right around the corner.
Feel free to comment a pair or subject you would like me to cover next.
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trade re-cap/forecast! A trade recap on me EURCAD position last week! took just under 4% out the market on that!
also forecasting whats next to come on;
EURCAD
GBPUSD
CADJPY (liking CADJPY)!
check it out - once again let me know if theres anything I could improve on or change in my analysis!
Student under Faclon trading guidance.
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Write in the comments all your questions and instruments analysis of which you want to see.
Friends, push the like button, write a comment, and share with your mates - that would be the best THANK YOU.
P.S. I personally will open entry if the price will show it according to my strategy.
Always make your analysis before a trade.
Bitcoin, accurate entry after break out of 10 days rangeYou will learn the best place where we can trade this instrument at low risk.
Write in the comments all your questions and instruments analysis of which you want to see.
Friends, push the like button, write a comment, and share with your mates - that would be the best THANK YOU.
P.S. I personally will open entry if the price will show it according to my strategy.
Always make your analysis before a trade.
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Dr. Lydia