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Parallelslopedlines

FNGU- Technology Titans CounterTrend LONG on ReversalFNGU on the 4H chart is in a trend down within a parallel channel. The previous trend down from the top of the channel to the bottom was 29% while the counter counter-trend up from the bottom of channel to the top was 18% over 7 days. Presenly the trend down from the upper channel is confirmed by the two RS lines near to the 50 level and the Awesome Oscillator with a down going signal. Trade plan - I will trade FNGU short ( or FNGD long ) until it is at the bottom of the channel. Upon reaching it and mindful of a fake breakdown. I will watch for reversal signs on a lower TF and upon finding them in the MACD or Bollinger Bands or VWAP bands I will close the trade and so long instead.
AMEX:FNGUShort
by AwesomeAvani
FTM 15 MINUTES SCALPINGThis is one of my invented 15 minutes scalping method whenever I find the "Ascending Channel" As you can see in the chart the point where price touches the resistance level of the channel (red arrow) is where to place a short or sell. While the point support level (green arrow) is the buy or long zone. This point are not just picked randomly, they are selected based on the following criteria 1. the initial resistance becomes support. 2. the levels at which resistance becomes support have equal distance in between.
by DewyCandles
Descending triangle on USD/JPYFX:USDJPY After the initial rejection from the potential double bottom neckline the rate has fallen down to test the support at 112.20 again, therefore, invalidating my bullish bias. I am now looking at this as a descending triangle or a box-range set-up and I am looking for a break below the support to enter new short positions. Remember it can still turn around and trade higher, but triple bottoms are much, much rarer, therefore, much less likely than a descending triangle. The only caution is this lower parallel of the year-and-a-half-long falling trendline, which has acted as the support for couple of times before. But if we can clear that there really is nothing on the left all the way down to 107.00 - which is the former resistance new potential support. To see the full video on the weekly set-ups click here
Short
by TradeItSimple
GBP/USD TRADING ALONG THE FALLING CHANNEL PARALLELSFX:GBPUSD The rate is still trading along the lower parallels of the former broken falling channel. It has just bounced lower from the previous support/now resistance at 1.2300 and is now sitting at the 61.8% breakout target from the large broken rising wedge formation. The immediate attention should be turned lower to the support area (1.2090-1.2150) and at the 100% breakout target around the major psychological level around 1.2000. A break above 1.2300 would invalidate my immediate bearish bias and would signal about a retracement higher - possibly to the 1.2400 level.
Short
by TradeItSimple
USDJPY Enjoy the SilenceEveryone is wondering: "How long is this trend going to last?" Well, I have a rule: "Keep beating the line that works until... it beats you". So I still have a bullish bias about this market looking to enter again as price comes closer to the bull trend line. USDJPY has been one of the strongest markets since the end of October and it is so at the moment (in terms of trend, by my method), even a bearish pitchfork can't hold the corrective price action well enough. Momentum seems to be slowly turning in favour of this pair. On the other hand, however, volatility has started to shrink, which may be auguring a deeper correction. Quiet price action is often followed by volatile moves. A bunch of important news events coming today. So, caution requisite. ----------- Disclaimer: There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
Long
by ForceFollower
30
AUDNZD Looking For a BaseAUDNZD's down trend may have have run its course. We can see that price is at the upper border of the former downsloping channel, trading around the 1.11 handle and approaching the 61.8% retracement of the entire Oct-Nov rally. And it is doing it in a very good style: lower highs and lower lows, conforming to the steep bear trendline - so chances are it is on its way to the support level of 1.10625. Both currencies (AUD and NZD) are relatively neutral in terms of their relative strength, but the AUD has become even weaker than NZD to an extent of being well oversold. So, if market finds its base for a rebound (support) at 1.11, I think we're going to see some nice corrective rally here. ----------- Disclaimer: There is a very high degree of risk involved in trading forex. I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
Long
by ForceFollower
6