Inverted Hammer
AUDUSD - good signals to think at the end of the correctionI think the price correction is completed.
In the H4 time frame we have three reversal patterns, an inverted hammer, an engulfing and a doji.
Furthermore, first two reversal signals shape a tweezers top.
Thus, we have different reversal signals that can give us short opportunities that could push the price near 123,6% Fibo retracement or in 0,71437 price level.
This price level is 23,6% retracement level calculated on daily chart on high at 0,81625 and low at 0,68290.
This level is important because is a good support, between 24/05/2016 and 30/05/2016 price action shaped tweezer bottom with a beautiful hammer.
Furthermore the lower hammer shadow touched a long trend line (you can see that on daily chart).
So, if the price action will go down, we had two good TP levels with a SL that could be placed above 0.74211 (23,6% retracement level on H4).
If the price goes up, we will wait for the end of the correction, in this scenario the explanations writed above will be valid.
I hope I've done a good analisys.
Please write me suggestions or your opinion, I'll appreciate that.
Thanks.
EUR AUD on the rise i think. WEEKLY FRAMEWell, strong up trend has been continuing for some time met with some overbuying resulting some downtrend lately. This weeks inverted hammer candle shows a bullish reversal along with the 1.480 level of resistance shows bullish jumps with past price analysis shown with the green rectangle. Price has touched the 20 EMA (red) line and is just below the 50 EMA too (blue)
USOIL Corrective MovementWith nearly a 5% gap between the current price and the base line and the rejection of the 45.92 dollar mark, indicated by the inverted hammer with the green highlight, the security is very overbought we can expect a corrective structure to take place and thus retrace back to the ~43.5 dollar mark. Please note that this is a short-term analysis and thank you all for the positive feedback.
$WY Inverted Head and Shoulders$WY should see this move north upon completion of this inverted head and shoulders
Long thesis of GBPNZDThis has been on our watch for 2 months watching and waiting for clear decelleration + technical confluence to look to get lon, and this weeks finish looks to have completed that, breaking out of the Bullish wedge upon many key confluent areas as highlighted on the chart.
This all stacked together looks like a excellent Reward / Risk potential trade coming up in the next couple of weeks on a daily pullback.
BULLISH outlook:
1. BULLISH engulfing candle (Weekly)
2. Inverted hammer 2 weeks ago.
3. Clear Deceleration of bearish weekly run.
4. Fib .618 Pullback + test
5. Bullish Wedge
6. Key long term support line
7. Key Uptrend line tested and respected.
8. Bullish golden cross June 2015.
GBPNZD - Long Outlook potentialBullish outlook
1. Inverted hammer at bottom of trend
2. Double bottom
3. Massive retracement
4. Bullish Wedge
5. Some key support area 2.065
6. Fibonacci .618 retracement
EUR/GBP -LONG SETUP-1. As shown we are in a channeling uptrend idea of this is to try ride the uptrend as soon as possible
2. Channel support being tested showing price rejection
3. Horizontal support area
4. Fib 38% Seems to be holding
5. Potential inverted hammer being formed
6. Arrows on price showing measured moves to the upside
Aussie Inverted Hammer of support back in range
FX:AUDUSD
Aussiedollar could bounce back into the recent range as it hits support and formed an inverted hammer. Entry would be above the wick and stop below the support. Profit target would be the top of the range.
Good luck trading!
Dave
www.davetromp.net
Long on GBPUSD Inverted Hammer on support
FX:GBPUSD
An inverted hammer on support. Go long at the break of the wick with a stop behind the support level. Take profit at the next S&R level.
See how I trade at www.davetromp.net
Good luck!
Dave
EUR/GBP short term bullish rebound Long term I am neutral on this pair, however the recent EUR pull back brings about great opportunity to buy on the dip as it seems to be respecting the technical levels.
The trade setup is explained on the chart, looking for a short term trade on this - however I feel there is further upside potentially.
Many thanks
GBPNZD 4 HOUR SHORTbasic textbook setup. price has retraced into a key resistance level which also has 2 fibs lined up with it aswell (38.2% and 61.8%). double top has now formed and price has bounce off the Resistance forming a pin bar/inverted hammer. Target at the neckline of double top.
Set-up of the Week - GBPUSD = GOOD CONFLUENCEThe GBPUSD has been ranging for a just over a month now but this choppy consolidation began to show signs of movement again by the end of last week. This week we have finally seen some real movement and it appears to be ending with a nice little set-up.
There is some heavy resistance on the Bullish side with the 50ema laying on thee 1.5000 level, which has acted as major Support and Resistance in the past and again recently. Depending on whether you choose the Daily or Weekly chart to draw your Fib Retracements you'll see that levels lay either side of this price.
We have chosen the Weekly chart. From this you can see throughout today price briefly managed to breakthrough and bounce of the 0.5 Retracement a strong reaction to this caused price to rally back down creating the Inverted Hammer we now see. With 2 hours left till the close for the weekend, we can't see this changing at all.
Thus we have 5 string factors of confluence -
1. Inverted Hammer
2. 1.5000 Resistance
3. 50ema Bounce
4. 0.5 Fibonacci Retracement
5. Trading with the Trend
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Happy Weekend!
AUDUSD DAILY SHORTBREAK RETEST CONTINUATION PATTERN. PRICE BROKE OUT OF SUPPORT WHICH HAS NOW TURNED INTO RESISTANCE. PRICE HAD TESTED THE RESISTANCE THEN BOUNCED OFF FORMING A INVERTED HAMMER. THIS LEVEL IS ALSO IN CONFLUENCE WITH THE 0.5 FIB LEVEL AND 20 SMA IS WHICH ACTING AS A DYNAMIC RESISTANCE
GBPJPY - STRONG SUPPORT + Double Bottom + 50ema BounceAfter we finished last week with a HUGE bullish pinbar on the GBPAUD (see: www.forexvader.com) , it looks like we might be able to ride the GBPJPY up too, with the confluence playing in our favour.
The GBPJPY has been retracing in this descending triangle since Dec '14. Having been rejected from the 176.5 Support and the 0.618 retracement previously, price is now back at this level and with the Weekly 50ema joining the support, we could be set for a nice bullish movement. Looking at the daily we see an Inverted Hammer right at this level, a classic reversal candlestick.
Timing your entry on the daily, a Stop Loss below the 176.50 support should provide protection against any bear correction movements. Eyes are set on 182.50 for the first profit target, where price could intercept the current trend line of the descending triangle. If price breaks through this resistance than I'll be looking to target 190.00 for the upside.
If you see anything else on this pair supporting this potential bullish movement then please feel free to comment and share!
For more like this and other market analysis (both technical and fundamental) please visit our site www.forexvader.com where you can also learn our very simple and easy to implement techniques.
