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Forexswingtrading

BULLISH on NZDCADEntry: .8607 SL: .8575 TP: OPEN (Will be trailing SL) Technicals: Strong Uptrend on the DAILY chart and WEEKLY. Going down to the 4H TF, we see a bounce off major support which is also on the 21 EMA. Fundamentals: Scoring high on the COT data. Retail sentiment showing strong bias to the short side. Retail traders are 70% short. As mentioned previously, often time when retail traders favor one side by over 60%, statistically the pair will move the opposite side.
Long
by ErnieTrades_
LONG on GBPUSD For a Swing trade.Looking to go LONG on GBPUSD. In recent times, we have seen the dollar weaken. Looking at the DXY, I see some room for further drop. It is approaching a key level of support at around the 101.5 price when looking at the weekly and monthly chart. This week there is a high impact news for GP releasing their CPI numbers, but it is my sentiment that the market has already priced that in. With this being said, looking at GU, we have seen a nice run-up looking at the weekly and monthly chart. Preferred Entry: 1.2200 Potential TPs: 1.2450 (3.5R) This is based on psychological number and the 4H previous resistance. Runner TP: 1.3145 SL: 1.2120 (80 pip SL. This would be right by the 50 EMA. IF you want to give yourself more room, I suggest 1.2050 which would be at the 200 EMA)
Long
by ErnieTrades_
BULLISH ON EURCAD. SWING TRADEEntry: 1.4455 TP 1.4665 SL 1.4380 Vice-President of the European Central Bank Luis de Guindos stated that he believes the actions taken by the ECB so far has not been sufficient. ECB policymaker, Peter Kazimir pointed our that restrictive rates and strong action are necessary and should be in place for a longer period. At least in the first half of 2023. Also said that any recession resulting from this plan will be short and manageable. The current sentiment is mixed. As increasing rates for the euro may contribute to the recent uptrend, but it is uncertain whether markets are completely pricing in the hawkish tone
Long
by ErnieTrades_
BEARISH MOVE ON GBPUSDSold GBPUSD Entry 1.2020 Sl 1.2180 (160 pips) Tp 1.0685 (1335 pips) Weekly resistance met +200 MA showing weakness to the bullish side on the daily TF. Large institution is in a short position on the pair. The UK economy is in a horrible position. By the looks of it, their major issues such as their energy prices and increased cost of living are being resolved, but in fact are getting worse with their energy prices reaching a new ATH. Until this is addressed properly, I see a continuation to the downside.
Short
by ErnieTrades_