Fxforensics
US30 Inverted Head&ShouldersReally simple set up, training your eye to spot these patterns in my opinion is essential for developing consistency with your trades. After seeing the reversal, which using the 1H and especially 4H makes these easier to spot. You can see where the left shoulder has formed, aligning with the right shoulder on the 61.8 level. Other than that, we notice the area was not only previous support, but resistance. This liquidity indicates an interest for movement around this level. The rest is all price action and patience.
XAUUSD SellThis set up was not published but I was looking out for this for about a week now. After noticing a break in trend, I was awaiting for a good area to enter. Generally a pullback, I had then noticed something on the 4 hour. We can see a potential head and shoulders which eventually came into play. Aligned with a 61.8 retracement. This simple yet effective set up has yielded a nice short so far for the day.
GBPJPY Short OutlookWe have massive consolidation following a break through in trend. Nothing to be 100% solid on, focus less on predicting and more on going with the wave as the market plays out more. If we see a breakthrough, I am going to wait for price to fall through the previous monthly high indicated as the golden trend line as shown. Looking out for a pull back and continuation of the trend. Too early for any fibs to be drawn but this is just an outlook.
EURUSD ShortBased off of the recent push towards the downside, we saw a break through the monthly high towards the downside. Now looking for potential areas to short. We see a 61.8 retracement in confluence with recent support and a good area for liquidity. Awaiting price action to confirm this analysis, we can also look for a potential trend line continuation supporting this analysis. The 50 EMA also acting as a magnet for price, we can see this potentially help confirm this analysis. Personally, I like using the 15min chart for entries. Helps identify price action easier, my exit points if it retraces to the 61.8 or 50 will be the -27 & -61.8 as TP 1 & 2. However I will be watching to see how she reacts to the 0 level, in case we see a double bottom reversal.
