Long-setup
WTI Oil Long Setup 4hrOil is in a wedge that will soon break. There is upside potential to this trade, this setup shows our views on the trade. We would monitor the area to buy and then scale out part of it at the first point in orange and then P1 ourselves with the remainder while leaving the rest for the yellow area. We will monitor price and patterns in this box to close off the trade.
EURUSD longAfter EURUSD broke trendline for more downside move and broke also 4H structure now is making pullback to the 3 potential PRZ's. (50%, 61,8% and 78,6% fibo retracement)
There is big potential in first two PRZs, because on 50% fibo PRZ we can see H1 demand zone and on 61,8% fibo 4H support.
I also will be looking to short dollar on more pairs ( USDJPY and GOLD )
= Expecting weak dollar this week.
Wait for update to this pair.
Don't forget to trade with proper RM/MM and caution.
Good luck this week, traders.
USDCAD LONG POTENTIALI was monitoring this last week looking for a potential reversal to go long to 1.3700, but would be monitoring closely around the 1.3590's as there is strong support there but i am inspecting a new higher high there if even by only a few pips.
strong previous resistance around the 78.6% fib level which was a former resistance.
on the 8H charts this level has been tested but pulled back on 3 occasions, will be looking for a breakout from this area before entry but can still get a nice 1:2.5 risk reward from here.
Will all depend on market open and price action.
Should see some big moves around middle to the end of the week.
happy trading, peace !
EURGBP Long Setup - 4hr Breakout EURGBP can be construed to be in a continuation of its long term uptrend with a dispersal triangle pattern on the daily. If this is the case we are due a move back up to the uptrend and a breakout of this shorter term downtrend shown on the chart.
As we are approaching the lower positive trend we are getting ever closer to a long opportunity where we will be targeting the level shown on the chart at TP1. We also have some bullish divergence to suggest a breakout move is on the cards.
EURGBP has a strong bullish sentiment over the last few months helped not least by news events and subsequent predictions that the European currency is due to reach 1:1 with the pound as British uncertainty continues. Buy.
NZDUSD BUY ENTRYOur analysis sees NZDUSD heading back up towards the top of the current flag pattern.
There is a perfect opportunity now for an entry point, with the 4h candlesticks looking to form a reversal pattern from the small bounce off the 200 MA.
Viable trades:
Enter long, TP at 200 MA.
Enter long, TP at next trendline.
SLs below the local low or flag trendline.
USD/JPY STRONG CORRECTION, MEDIUM TERMPair's remain within the descending channel, I believe in the possibilities of resuming further downwards.
But observed a quite strong upward correction, likely to grow up to 102.65 and could extend to 104 (medium term range)
Worst scenario, if the assumption is correct then stop order will be placed accordingly shall the pair's trading up until 104 -105.
USDJPY